The Central Bank of Zambia has announced plans to increase the daily limit for foreign currency exchange transactions, seeking to draw transactions into official channels and reduce complication for businesses.
According to Central Bank Governor Christopher Mvunga, commercial bank customers will therefore be allowed to exchange $10,000 per day, up from from $5,000. On the other hand, customers at retail foreign exchange bureaus will be allowed to exchange up to $5,000, up from $1,000.
The Governor says this will allow for a regulated, systematic market where people can transact within the formal channels. The measures will take effect on 1st June 2022.
The transaction limits were introduced 20 years ago, and the central bank had recognised that they were inconveniencing businesses and forcing people to buy hard currency on the black market.