Bank of Zambia (Foreign Currency) Regulations, 1994
This provision says the Regulations may be cited by a specific title.
AI-assisted research synopsis — verify against the official legal text below.
- Jurisdiction
- Zambia
- Instrument
- Statutory instrument
- Citation
- SI 44 of 1994
- Version
- 4 Mar 1994
- Language
- en
- Official source
- View official record ↗
Publicly available, excluded from search-engine indexing
This page remains available for direct access and API use, but this release emits
noindex,follow for the following reason:
- The record does not meet this release's canonical indexing criteria.
(market-indexing-disabled)
Statute overview
About this statute
This provision says the Regulations may be cited by a specific title. This section defines several terms used in the Regulations, including bureau de change, commercial bank, foreign currency, and ZCCM. ZCCM and its subsidiaries must dispose of foreign-currency income according to written directions from the Bank. Payments for servicing foreign currency debt contracted before 29 January 1994 must follow arrangements approved by the Bank. A person other than a commercial bank or bureau de change must not carry on a business of buying or selling foreign currency, because doing so is an offence.
Search within this statute
Search all stored provisions in this version.
Legal text
Provisions of Bank of Zambia (Foreign Currency) Regulations, 1994
Showing 23 of 23
- 1 Verify source ↗
These Regulations may be cited as the BanJc of Zambia Title
AI-assisted research summary: This provision says the Regulations may be cited by a specific title.
1. These Regulations may be cited as the BanJc of Zambia Title (Foreign Currency) Regulations, 1994. - 2 Verify source ↗
Section 2
AI-assisted research summary: This section defines several terms used in the Regulations, including bureau de change, commercial bank, foreign currency, and ZCCM.
2. In these Regulations- " bureau de change " means a company licensed under these Regulations to carry on a business of buying and selling foreign currency; " commercial bank " has the meaning ascribed to it in the Banking Act; " foreign currency " includes the Unit of Account of the Preferential Trade Area (UAPT A); "ZCCM" means Zambia Consolidated Copper Mines Limited. PART II OFFENCES RELATING TO FOREIGN CURRENCY Interpreta tion Cap. 700
Part
PART II
- 3 Verify source ↗
(1) Income obtained by ZCCM or any of its subsidiaries in
AI-assisted research summary: ZCCM and its subsidiaries must dispose of foreign-currency income according to written directions from the Bank.
3. (1) Income obtained by ZCCM or any of its subsidiaries in the fonn of foreign currency shall be disposed of in accordance with directions given in writing by the Bank. Sale of foreign currency by ZCCM (2) If this regulation is contravened, ZCCM shall be guilty of an offence. - 4 Verify source ↗
(1) Payments for the servicing of any foreign currency debt
AI-assisted research summary: Payments for servicing foreign currency debt contracted before 29 January 1994 must follow arrangements approved by the Bank.
4. (1) Payments for the servicing of any foreign currency debt contracted by any person before 29th January, 1994 shall be made only in accordance with arrangements approved by the Bank. Servicing of foreign currency debts (2) A person who makes 11 payment in contravention of this regulation shall be guilty of an offence. Copies of this Staiutory lnstrumenJ can b e obtained from the Goverrvnenl PrinJer, P.O. Box 30136, /0/00 Lusaka. Price K70.00 each. 138 Unlicensed currency business Statutory Instruments 4th March, 1994 - 5 Verify source ↗
Any person, other than a commercial bank or a bureau de
AI-assisted research summary: A person other than a commercial bank or bureau de change must not carry on a business of buying or selling foreign currency, because doing so is an offence.
5. Any person, other than a commercial bank or a bureau de change, who carries on a business of buying or selling foreign currency shall be guilty of an offence. PARTHI LICENSING OF BUREAUX Application for licence Cap.686 - 6 Verify source ↗
(1) A company registered under the Companies Act may
AI-assisted research summary: A company registered under the Companies Act may apply to the Governor for a bureau de change licence, and the application must use the bank’s prescribed form and include a non-refundable fee of US$500 or the kwacha equivalent at the bank’s ruling exchange rate.
6. (1) A company registered under the Companies Act may apply to the Governor for a licence as a bureau de change. (2) The application shall be made in a form prescribed by the bank and shall be accompanied by a non-refundable application fee of five hundred United States Dollars or its equivalent in kwacha at the Bank's ruling rate of exchange. - 7 Verify source ↗
(1) Within thirty days after receipt of an application for a
AI-assisted research summary: The Governor must inspect the applicant’s business premises within 30 days of receiving a licence application, and may issue a bureau de change licence only if the premises comply and the company pays the USD 1,500 fee.
7. (1) Within thirty days after receipt of an application for a licence, the Governor shall cause an inspection to be made of the place where the applicant company proposes to carry on its business. (2) If the Governor is satisfied that the premises comply with the requirements of these Regulations he shall, on payment to the Bank by the company of a licence fee of one thousand five hundred United States Dollars, issue the company with a licence to carry on business as a bureau de change. (3) A licence shall not be issued to any company that- ( a) is bankrupt or in liquidation or has entered into a composition or a scheme of arrangement with its creditors by which it is still bound; or (b) was, within a period of five years immediately preced ing the date of the application, convicted of an offence under the Exchange Control Act (as in force at any time before 29th January, 1994) or the Banking Act. - 8 Verify source ↗
(1) A licence authorises its holder to carry on a business of
AI-assisted research summary: A licence lets its holder buy and sell foreign currency only at the business places named in the licence.
8. (1) A licence authorises its holder to carry on a business of buying and selling foreign currency at the place or places of business specified in the licence. (2) The licence shall remain in force for a period of twelve months from the date of issue. - 9 Verify source ↗
The Governor may, on application made in the form
AI-assisted research summary: The Governor may renew the licence for 12 more months if an application is made in the form the Bank prescribes and the prescribed fee is paid.
9. The Governor may, on application made in the form prescribed by the Bank, and on payment of the fee prescribed by paragraph (2) of regulation 7, renew the licence for a further period of twelve months. - 10 Verify source ↗
(1) A licence shall not be transferred, assigned or
AI-assisted research summary: A licence must not be transferred, assigned, or encumbered in any way.
10. (1) A licence shall not be transferred, assigned or incumbered in any manner. Determination of applications Cap.700 Scope and duration of licence Renewal of licence Licence not transferable J ., . . 4th March, 1994 Statutory Instruments 139 (2) Any purported transaction in contravention of this regula RevOC&tion of licence tion is void and of no effect. - 11 Verify source ↗
(1) Where
AI-assisted research summary: If a bureau’s licence application was materially false or misleading, or the bureau seriously/persistently failed to meet the regulations or licence conditions, the Governor may require the bureau to explain within seven working days why the licence should not be revoked.
11. (1) Where- ( a) after issue of a licence, it is found that the application for the licence was false or misleading in a material particular; or (b) there has been a serious or persistent failure by a bureau to comply with the requirements of these Regulations or the conditions of its licence; the Governor may, by notice in writing, require the bureau to show cause, within seven working days, why its licence should not be revoked. (2) If the bureau fails to respond to such a notice, or if the Governor is not satisfied with the cause shown, he may revoke the licence, and shall so inform the bureau in writing . PARTIV MODE OF OPERATION OF BUREAUX - 12 Verify source ↗
(1) A bureau de change may
AI-assisted research summary: A bureau de change may carry out certain foreign-exchange transactions, but must issue an accurate official receipt for each sale or purchase and must not use receipts for anything other than an actual foreign-exchange transaction.
12. (1) A bureau de change may- Authorised transactions ( a) buy and sell foreign currency in cash or travellers cheques; and (b) buy personal cheques, bank drafts and other inward transfers, but not sell them. (2) The bureau shall, for every sale or purchase of foreign currency, issue an accurate official receipt in such form as the Banlc may prescribe, and shall not issue such a receipt for a purpose other than to cover an actual purchase or sale of foreign currency. (3) The bureau shall not, nor shall any of its officers or staff. ( a) deposit or accept kwacha with intent to obtain or supply the foreign currency equivalent either wholly or in part at a date more than two days later; or (b) deposit or accept foreign currency with the intent of obtaining or supplying the kwacha equivalent either wholly or in part at a date more than two days later. - 13 Verify source ↗
A bureau de change shall display, in a conspicuous place at
AI-assisted research summary: A bureau de change must display its foreign currency buying and selling rates in a conspicuous place at its business premises.
13. A bureau de change shall display, in a conspicuous place at any premises at which it carries on business, its foreign currency buying and selling rates. Display of exchange rates 140 Duty to sell foreign C\DTCncy Statutory Instruments 4th March, 1994 - 14 Verify source ↗
(1) A bureau de change shall not refuse to sell foreign
AI-assisted research summary: A bureau de change must not refuse to sell foreign currency at the indicated price when the currency is available.
14. (1) A bureau de change shall not refuse to sell foreign currency to any customer at the indicated price if the currency required by the customer is available at the bureau or in its account with a commercial bank. (2) Without limiti,. f the generality of regulation 11, a failure to comply with this regulation shall constitute grounds for action by the Governor under that regulation. Sale of excess foreign =cy - 15 Verify source ↗
(1) The maximum open foreign currency position, consist
AI-assisted research summary: A bureau de change must not keep an open foreign currency position above USD 100,000 at the close of business on any day.
15. (1) The maximum open foreign currency position, consist ing of currency available at the bureau and the balances in its foreign currency accounts with any commercial bank or banks, that a bureau de change may maintain at the close of business on any day shall be one hundred thousand United States Dollars. (2) The Bank may direct a bureau to sell any foreign exchange above the open position prescribed by this regulation. PARTY MlsCELLANEOUS Submission of returns Powers of inspection Offences by bodies corporate - 16 Verify source ↗
A bureau de change shall submit to the Bank returns of
AI-assisted research summary: A bureau de change must submit returns about foreign currency purchases, sales, and open foreign currency positions to the Bank.
16. A bureau de change shall submit to the Bank returns of purchases and sales of foreign currency, and of open foreign currency position, in a fonn and manner detennined by the Bank. - 17 Verify source ↗
(1) The Governor, or any officer of the Bank.authorised by
AI-assisted research summary: The Governor, or an authorised Bank officer, may inspect a bureau de change’s books and accounts. The bureau must produce the records and make staff provide requested information, and obstructing the inspection is an offence.
17. (1) The Governor, or any officer of the Bank.authorised by him, may at any time cause an inspection to be made of any bureau de change and its books and accounts at any place where the bureau carries on business. (2) The bureau shall cause its books and accounts to be produced to the Bank's inspector and shall ensure that its staff furnish such infonnation as the inspector may reasonably require for the pur poses of his investigation. (3) A person who obstructs or hinders any such inspection of a bureau de change or its books and accounts shall be guilty of an offence. - 18 Verify source ↗
Section 18
AI-assisted research summary: If a body corporate is convicted of an offence under these Regulations, directors or managers who knowingly authorised or permitted the act or omission are treated as having committed the same offence.
18. If ZCCM or any other body corporate is convicted of an offence under these Regulations, every person who is a director of, or who is concerned in the management of, the body corporate shall be deemed to have committed the same offence if the person knowingly authorised or permitted the act or omission constituting the offence. Penalty - 19 Verify source ↗
A person who commits an offence under these Regulations
AI-assisted research summary: A person who commits an offence under these Regulations is liable on conviction to fines, and individuals may also face imprisonment.
19. A person who commits an offence under these Regulations shall be liable on conviction-- ( a) in the case of a body corporate, to a fine not exceeding ten thousand kwacha; and .. 4th March, 1994 Statutory Instruments 141 (b) in the case of an individual, to a fine not exceeding ten thousand kwacha or to imprisonment for a tenn not exceeding twelve months, or to both. PART VI PROVISIONS RELATING TO FORMER BUREAUX
Part
PART VI
- 20 Verify source ↗
(1) In this Part
AI-assisted research summary: This section defines “former bureau” and “former Rules” for use in this Part.
20. (1) In this Part- • Interpreta tion " fonner bureau II means a company that, on 28th January, 1994, was licensed as a bureau de change under the former Rules; ti the fonner Rules ti means the Exchange Control (Bureau de Change) Rules, 1992, as in force on 28th January, 1994. - 21 Verify source ↗
A fonner bureau shall be deemed to hold a licence under
AI-assisted research summary: A former bureau is treated as holding a licence under these Regulations until the earlier expiry date of its last licence issued under the former Rules.
21. A fonner bureau shall be deemed to hold a licence under these Regulations until the date when the licence last issued to it would, under the former Rules, have expired. - 22 Verify source ↗
A fonnerbureau may surrender its licence by delivering the
AI-assisted research summary: A fonnerbureau may surrender its licence to the Governor by delivering the licence and a written notice saying it no longer wants to trade as a bureau.
22. A fonnerbureau may surrender its licence by delivering the same to the Governor together with a notice in writing stating that it does not desire to carry on trading as a bureau. - 23 Verify source ↗
(1) On surrender of its licence, the fonner bureau shall be
AI-assisted research summary: If the former bureau surrenders its licence, it is entitled to a refund based on the unexpired portion of the licence.
23. (1) On surrender of its licence, the fonner bureau shall be entitled to a refund of an amount that bears to the amount of the bureau's last licence fee the same proportion as the unexpired portion of its licence (as at the date of surrender) bears to twelve months. (2) In this regulation, 11 last licence fee II means the fee last paid by the fonner bureau for the issue or renewal, as the case may be, of its licence. LUSAKA 22nd February, 1994 [MF.101/16/44] R. D. S. PENZA, Minister of Finance Fonner bureaux deemed to be licensed under these Regula1ions Surrender of licence Refund of portion of licence fee
Provision text is displayed from LexChat’s stored statute record. Use the official source links to verify amendments, commencement, and current legal force.
Ask AI about this statute
Bank of Zambia (Foreign Currency) Regulations, 1994
Sign in to ask AI about this statute
Sign in to start authenticated, citation-grounded statute research.
Sign in