By BUUMBA CHIMBULU
THE Bank of Zambia (BoZ) has raised over-the-counter foreign exchange cash transactions for both Bureaux de Change and commercial banks to ensure smooth and efficient operations in the market.
For the Bureau De Change (BDC), the central ank has adjusted upwards the daily limit for over the counter cash transactions from the current US$1, 000 to US$5, 000.
BoZ Assistant Director Communications, Besnart Mwanza, said in a statement that this would allow customers to sell or buy forex over the counter up to a maximum limit of US$5, 000.00.
Ms Mwanza said: “The Bank of Zambia has adjusted upwards the daily limit for over – the – counter cash transactions for commercial bank account holders from US$5, 000 to US$10, 000.”
“This will allow customers to sell or buy forex over the counter up to a maximum of US$10, 000.00.”
At the same time, she said, non-commercial bank account holders would be allowed to sell or buy forex in the commercial bank up to a maximum limit of US$5, 000 which is consistent with the limit set for BDCs. Ms Mwanza stressed that in arriving at the decisions above, the BoZ held extensive consultations with various stakeholders, including the Association of BDCs.
The BoZ, she said, also undertook a regional and international comparative analysis of presently obtaining over – the – counter forex limits and came to a conclusion that the proposed changes are long overdue.
She said the limits were last revised 20 years ago and business dynamics have since changed.
“The daily maximum limit that they can source is currently set at US$100, 000. The Bank of Zambia has revised this limit downwards to $20, 000.00.
