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BoZ introduces new Forex limits

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Francis Chipimo

The Bank of Zambia has introduced new foreign currency restrictions placing a cap on individual transactions at US$ 5,000.

According to a circular dated May 24th, 2021 signed by Deputy Governor-Operations Francis Chipimo, the new over-the-counter foreign currency cash transaction limits shall take place from June 1st, 2021, and shall be observed for a period of two months to 31st July 2021.

The aggregate over-the-counter foreign currency cash transactions of a bureau de change with commercial banks shall not exceed US$ 20,000 or 70% of its regulatory capital per day.

The aggregate over-the-counter foreign currency cash transactions of a bureau de change with an individual shall not exceed US$ 5,000 per day.

The aggregate over-the-counter foreign currency cash transactions of a commercial bank with an account holder shall not exceed US$ 10,000.

The aggregate over-the-counter foreign currency cash transactions with an individual without a bank account shall not exceed US$ 5,000.

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