Friday, June 14, 2024

BoZ introduces new Forex limits, individuals can only transact US $5,000

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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.

45 COMMENTS

  1. Paipa pano; forex controls are danger signs 🙁

    These PiyeF00ls, where are they taking us kanshi??

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  2. REALITY COMING HOME TO ROOST >>
    WHY DOESN’T HE JUST SAY WE BROKE !!!!
    AND SOME STILL BELIEVE THE PF IS THE ANSWER, HOW SAD

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  3. One of the functions of a central bank is to control the amount of money in circulation. Not too much cash and certainly not too little.

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  4. Last kicks of a dying horse. These PF goons have run out of ideas and are now hallucinating kkkkk.

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  5. The recklessness of this govt is starting to sink in after wasting so much forex on imports and foreign companies….I mean where are the Chinese 2000 solar hammer mills today Lazy Lungu that’s just the tip of the iceberg, this govt has been good at propping up foreign industries neglecting their own; the million dollar defence uniform to Chinese…you are now getting poorer whilst its ministers who were once brief-case businessmen can brag about owning two helicopters and being self-made entrepreneurs.

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  6. Where is Mvunga the BOZ boss…I bet you he is busy campaigning with his former minister friends…this is what happens when you appoint cadres.

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  7. manifestations of; “Remember, I am still Head of State and Boma ni Boma and still in charge. “-LT Sending shockwaves.
    “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.- LT

    PF’s third term is top-down leadership. You making us look bad.

  8. OFF THE SUBJECT WHERE IS THE PRESIDENT SURELY HE WAS SUPPOSED TO SAY SOMETHING ON AFRICA FREEDOM DAY ?? OR DID I MISS IT ??
    IS HE DOWN ???
    SOMETHING NOT RIGHT HERE
    AS USUAL WE WILL BE THE LAST TO HEAR !

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  9. Finished economy and do you expect prices to go down?

    This government of Edgar Lungu is finished.

    PF must go!

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  10. Great proactive decision. Upnd diasporans are complaining as if these toilet cleaners can even transact such a high amount.

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  11. It takes upnd diasporans 4 years to save for a trip to Zambia and yet they are complaining about 5000 usd which they will never save in their lives. Fuseke

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  12. Gents this means that the transaction limits have doubled not the other way around. Forex restrictions have been in effect for 20 years! Now the BOZ has increased the limits. Read carefully and ask lusakatimes why are they not mentioning the previous limits as a comparison???! Who benefits from writing an article in such a way

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  13. @Mayo Mpapa, you are a dangerous deliberate liar. If not you are such a blank individual masquerading as a knowledgeable upto date person. You know nothing boyi. This move is only meant to discourage holding the USDollar and of course hard currency money laundering.

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  14. These restrictions have been there from 1964.It is just On paper.
    People travel with ten times more
    Then this.very difficult to enforce
    It.As enforcers also play their game.

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  15. This is EXACTLY what happened in Zimbabwe some years ago. When a country begins to put in Forex controls then we are sunk. Prof Moyo of Zimbabwe said that it is all about the three ‘F’s’ – FOOD, FUEL and FOREX. These are the markers of a prospering economy. Food costs are high. Fuel costs are high and now even Forex has run out. SONTA!
    Thankfully, Zambians have a choice to follow (Jameson) Jim Jones and commit mass suicide or repent and change the course of the nation on 12 August 2021.

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  16. These are bad signs of collapsed economy so the PF BOZ can longer hide. This will further increase demand for US$ resulting into further depreciation of the ZMW.

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  17. I predicted this will happen under drunkard stup1d Chagwa Lungu way back in my videos. PF is taking Zambia on the same path ZANUPF took Zimbabwe.

    Zambian kwacha will now loose more value and become tissues paper.

    Listen to this f00lish and stup1d Kaiser defend utter f00lishness. This is happening because chagwa is always drunk and stup1d kaiser is making decisions for him.

    Kaiser thinks Russia will protect him when PF is ousted by soldiers in August.

    What shame ! Failing to pay doctors and yet dishing out money to id10t thugs to beat up people.

    What happened in John Laing today is worrying. I want police to arrest Kaiser s thugs now. If they dont my boys will take charge and take the war to chagwa at state house.

    PF must go what ever means.

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  18. It’ll just trigger illegal financial transactions. Most of our transactions are in cash, so big cash handlers like Kamwala boys won’t get into the bank for the Dollar that they really need. We’re going back to UNIP days when chaps with used to get into DRC where you can get the Dollar even in Nkenya market. There are always two sides of the same coin. You can’t have 2 policies in one economy, if you want to control the exchange rate then do it. If you don’t then don’t.

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  19. Iwe KZ. The diasporans are wealthy. Google new owners is ASDA stores.

    You are not even worth cleaning my toilets

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  20. THE BANK HAS JUST INCREASED THE AMOUNT YOU CAN TRANSACT NOT REDUCED IT. Please learn to read . DO NOT JUST COMMENT ANYHOW!!!

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  21. The economy is in forigne hands…….indians , Chinese, leabanse …….they only use local banks at minimum to cover their tracks.

    Most of the money they make never sees a local bank and is shipped out ASAP…..

    Even those rwandese running shops in kombonise are major exporters of foreign currency from zambia….

  22. Zambia’s forex reserves have been dropping to historic lows and now PF’s mismanagement has come to this.We all saw it coming especially when Zed defaulted.

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  23. What does this remind Zambians of? KK’s economic regulations of the 1980s. Very soon we shall start queing for every commodity

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  24. @bitcoin
    Can you not see beyond the smoke and mirrors being presented to us
    This government is a stranger to the truth

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  25. Iwe Kambwanga, Kaizar Zulu, ala leko mumponto. Kambwanga iwe. Kamushi iwe, nomunobe clueless Lungu.

  26. Kaizar Zulu, kamushi iwe leke mimponto. The diaspora don’t steal money like you and your friend ECL do. Mambala iwe.

  27. It is not clear what the intent is. The $5,000 transaction limit per individual with an account has always been the BOZ policy (at least since before the new ZMW). This now moves to $10,000 per day; meaning you can withdraw $10,000 rather than $5,000. This is putting more forex into circulation than before. The over the counter limits for an individual without a bank account used to be $1,000. This will now be $5,000. It means instead of taking two days to withdraw $10,000, you can withdraw this in one day and you can exchange for ZMW at least half in one bureau de change or another bank. The question is why limit the bureau’s transactions to $20,000 per day? That means they can only serve four people (at $5,000) per day? Can you run a business to do that? With the exchange rate…

  28. The bank says its limitting the bureau’s transactions to $20,000 per day. Four customers pay day and you close up? Poor reporting or confused bank official????

  29. The reporter should have indicated what the previous limits were for us to appreciate this news. Otherwise, it seems to me that the individual limits for over thee counter customers have been on increased. Why is this so when there is no forex

  30. This is a delicate juggling process when you have run out of ideas to stabilise the economy. Sometimes when the dollars are scarce, you raise the amounts that can be transacted, in the ‘calculation’ that more dollars will be sold to the institutions. The amounts to transact may also be reduced as a way of holding on to the little that the country has. Individual transactions, for example above, have now been pegged at $5,000 (again?)

    Flash back, October 2015, read this and make what you can of it below: (Reuters)
    “Individuals holding accounts with commercial banks can now buy or sell up to $20,000 from $5,000 per day” The headline at the time was; “Zambia’s central bank raises forex cash transaction limits”.

  31. Mr KZ enjoys bashing people is diaspora and his constant efforts to remind them of their miserable lives. These people work hard , earn Zambia forex from remittances and investment. They are actually more beneficial to the Zambian economy than the PF politicians who steal money from Zambia and bank it in Dubai!

    Hats off the the people in Diaspora!

  32. In the western countries any person who decides to carry over $10,000 cash around is put on alert as a suspect to fund terrorism. In South Africa you can’t buy $5,000 from any bureaux. We have been too careless as a country in this area. Theres no justification to carry dollars in pockets if one’s dealings are straightforward.

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  33. There is no economy let alone the Central bank That doesn’t control the growth in the currency and those in the market There appears to be too much liquidity in the market and the move by central bank to set controls in the short term is welcome Broad money targets (M3) must come down to below 5%,The inflation target for the year must come down to 6%,The exports on the terms of trade must grow to create reserves to at least 4 months of import cover The Banks and other agents must lead not to lag the MPC announcements to reduce and not increase or remain static there Interest rates and mortgage rates With growth in exports and commodity prices on the rise…

  34. There has to be some measures to control the levels of liquidity and risks of it poised on the economy also arising form the pandemic economic stimulus methods

  35. Yes, Harold. Individual transactions for non-account holders which was at $1,000 has moved to $5,000. Individual account holders (those who keep their dollars in banks) can now transact up up to $10,000. So no need to go with family members or friends to the bureau to change $5,000 if you want to pay for something costing more than the rate for $1000. So when did the 2015 policy change? The limit has been $5,000 for account holders from 2012 until now.

  36. Are these new? Ba LT report properly

    BoZ introduces new Forex limits, individuals can only transact US $5,000

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