• Daily limit for over the counter cash transactions for customers from the current 1,000.00 U.S Dollars to 5,000.00 U.S Dollar.

• Sell or buy forex in the commercial bank up to a maximum limit of 5,000.00 U.S Dollars.

• adjusts upwards the daily limit for over –the – counter cash transactions for commercial bank account holders from 5,000.00 U.S Dollars to 10,000.00 U.S

Bank of Zambia has adjusted upwards the daily limit for over the counter cash transactions for customers from the current 1,000.00 U.S Dollars to 5,000.00 U.S Dollars as this will allow customers to sell or buy forex over the counter up to maximum limit of 5,000.00 U.S Dollars.
Bank of Zambia Governor Christopher Mvunga told Money FM News the Bank has also adjusted upwards the daily limit for over –the – counter cash transactions for commercial bank account holders from US$5,000.00 to US$10,000.00 which will allow customers to sell or buy forex over the counter up to a maximum limit of US$10,000.00.
Mr. Mvunga said at the same time, non-commercial bank account holders will be allowed to sell or buy forex in the commercial bank up to a maximum limit of US$5,000.00 which is consistent with the limit set for the Bureaux de change
He noted that BDCs rely to a large extent on Commercial Banks to source their daily forex float of which their daily maximum limit that they can source is currently set at US$ 100,000.00.
“In arriving at this decisions above, the Bank of Zambia held extensive consultations with various stakeholders, including the association of Bureaux de Change.The Bank of Zambia also undertook a regional and international comparative analysis of presently obtaining over the counter forex limits in different jurisdictions and came to a conclusion that the proposed changes are long overdue and appropriate to ensure smooth operations of over the counter forex transactions,” Mr. Mvunga disclosed.
Mr. Mvunga stated that these limits were last revised 20 years ago and business dynamics have since changed.
“These decisions will ensure smooth and efficient operations and provide convenience to customers in sourcing and selling of forex. All other forex transactions rules remain unchanged,” he said.