The Bank of Zambia through the Registrar of Banks, Financial Institutions and Financial Businesses has with immediate effect revoked the bureau de change licence of ATICS Bureau de Change Limited.
ATICS Bureau de Change Limited surrendered its licence to the BOZ last month on the 19th of June on account of unsustainable business operations.
The revocation of the licence entails that ATICS Bureau de Change Limited has ceased to operate as a bureau de change under the Banking and Financial Services Act and the Banking and Financial Services (Bureau de Change) Regulations, 2003.
However, the revocation of the licence does not relieve ATICS Bureau de Change Limited of any obligations it incurred or assumed during the period of validity of the licence.
This is contained in a press statement issued to ZANIS in Lusaka yesterday by the office of the Assistant Director of Communications at the Bank of Zambia.
I notice that each time a Bureau de Change VOLUNTARILY surrenders its license, BOZ publishes a notice that it has REVOKED such a license. The word “REVOKED” gives the impression that a particular entity (bureau) did something wrong. I thus request that BOZ uses more appropriate language to reflect that it was voluntary rather than create the impression that the bureau did something wrong.
Zambia1 its our media that twist everything. BOZ only gave notice to the public that ATICS has willing surrendered its license not that it was revoked.
Kays, I have actually seen the communique from BOZ myself. They use that language as it is reported. The press have not twisted anything.
(S)ata, Rand is readily available in most bureaus and so is USD. What is hard to find is GBP & Euro and that is because no Commercial Bank is Zambia imports GBP and Euro. BOZ has placed daily Limits on how much A bureau can buy from the Banks and this can also cause the shortage you experienced. Ordinarily, Rand and USD are always available. Please visit the well established bureaus and you wont be disappointed.
My child traveled on school trip to Livingstone then Namibia. As parents we were asked to give our children only 200 rands among others as pocket money. I moved from one Bureau de Change to the other for the whole month looking for this 200 rands, I never got it. Then I concluded these businesses were not there for what they were meant for.