The Bank of Zambia (Amendment) 2013

Link to law: http://www.parliament.gov.zm/node/3083

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The Bank of Zambia Act.pmd
An Act to amend the Bank of Zambia Act.
[22nd March, 2013

ENACTED by the Parliament of Zambia.

1. This Act may be cited as the Bank of Zambia (Amendment)
Act, 2013, and shall be read as one with the Bank of Zambia Act,
in this Act referred to as the principal Act.

2. The principal Act is amended by the insertion, immediately
after section forty, of the following new section:

40A. The Bank may, to promote the efficient operation of
the foreign exchange system, take measures to monitor—

(a) foreign exchange inflows and outflows and amounts
remitted;

(b) imports and exports of goods and other inflows and
outflows;

(c) international transactions in services;
(d) international transfers to or from non-residents;
(e) profits or dividends received in respect of investments

abroad;
(f) borrowings and trade credits from non-residents;
(g) investment in the form of equity and debt securities

abroad;
(h) receipts of both principal and interest on loans to

non-residents; and
(i) international money transfers into and out of Zambia.

3. The principal Act is amended by the insertion, immediately
after section forty-four, of the following new section:

Bank of Zambia (Amendment) [ No. 1 of 2013 1

Short title
Cap. 360

Insertion of
new section
40A

Monitoring
of balance of
payments

Insertion of
new section
44A

Enactment

GOVERNMENT OF ZAMBIA

ACT
No. 1 of 2013

Date of Assent: 21st March, 2013

Single copies of this Act may be obtained from the Government Printer,
P.O. Box 30136, 10101 Lusaka, Price K 1.00 each.

44A.The Bank may, in support of price and financial system
stability, regulate the rate of interest and other charges that
financial service providers may impose on a banking
transaction.

4. The principal Act is amended by the insertion, immediately
after section fifty-six, of the following new section:

56A. A person who commits an offence under this Act for
which no penalty is specifically provided is liable, upon
conviction, to a fine not exceeding three million penalty units
or to imprisonment for a term not exceeding five years, or to
both.

2 No. 1 of 2013] Bank of Zambia (Amendment)

Interest rates
and other
charges by
financial
service
providers
Insertion of
new section
56A
General
penalty