Bank of Zambia (Currency) (Regulations, 2012

These Regulations may be cited as the Bank of Zambia (Currency) Regulations, 2012.

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Jurisdiction: Zambia
Instrument: Statutory instrument
Citation: SI 33 of 2012
Version: 18 May 2012
Language: en
Official source: View official record ↗

Banking and financecash payments compliance contracts corporate liability currency currency exchange foreign currency foreign exchange legal tender payment

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About this statute

These Regulations may be cited as the Bank of Zambia (Currency) Regulations, 2012. This section defines key terms used in the Regulations, including Bank, currency, domestic transaction, and foreign currency. The currency issued by the Bank is the sole legal tender in the Republic, with notes accepted for any amount and coins accepted only up to ten thousand kwacha. A person must not quote, pay, or demand payment in foreign currency as legal tender for domestic transactions. The kwacha may be exchanged with other currencies, and sales or purchases of foreign currency must be carried out through an authorised foreign exchange dealer.

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Provisions of Bank of Zambia (Currency) (Regulations, 2012

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1
These Regulations may be cited as the Bank of Zambia
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AI-assisted research summary: These Regulations may be cited as the Bank of Zambia (Currency) Regulations, 2012.

1. These Regulations may be cited as the Bank of Zambia (Currency) Regulations, 2012. Title
2
In these Regulations, unless the context otherwise
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AI-assisted research summary: This section defines key terms used in the Regulations, including Bank, currency, domestic transaction, and foreign currency.

2. In these Regulations, unless the context otherwise Interpretation requires- " Bank " means the Bank of Zambia established under section three of the Act; " currency " means the Zambian kwacha and ngwee; " domestic transaction "means any transaction within the Republic that involves a payment of a sum of money in or towards the satisfaction of a debt due, or for the credit of, a person resident in the Republic; and " foreign currency " means foreign exchange and includes ( a)b anknotes and coins, other than the cuITency of the Republic, which are legal tender outside Zambia; (b) any financial instrument denominated in a currency other than that of the Republic; and (c) any other instrument or modes of payment as the Bank of Zambia may determine.
3
The currency issued by the Bank shall be the sole legal Legs] tender
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AI-assisted research summary: The currency issued by the Bank is the sole legal tender in the Republic, with notes accepted for any amount and coins accepted only up to ten thousand kwacha.

3. The currency issued by the Bank shall be the sole legal Legs] tender tender in the Republic for all public and private transactions- ofRepublic the case of notes, for the payment of any (a) in amount; and (b) in the case of coins, for the payment of an amount not exceeding ten thousand kwacha. Copies of this Statutory Instrument can be obtained from the Government Printer, P.O. Box 30136, 10101. Lusaka. Price Kl.000 each 196 Statutory Instruments 18th May, 2012 Prohibition of
4
A person shall not quote, pay or demand to be paid or
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AI-assisted research summary: A person must not quote, pay, or demand payment in foreign currency as legal tender for domestic transactions.

4. A person shall not quote, pay or demand to be paid or ��;��'etc. for receive foreign currency as legal tender for goods, services or goods and services in foreign currency any other domestic transaction. (2) Any contract, agreement, saie, payment, bill, note, instrument or security for money and any transaction, dealing for money or the payment of, or the liability to pay, any money, existing on the date of commencement of these Regulations, and which is to be executed or discharged in the Republic, shall be deemed to be a reference to the corresponding amount of money expressed in terms of the kwacha and calculated at the commercial bank prevailing spot selling rate. Exchangeability ofkwacha Offences
5
( 1) The kwacha may be exchanged with any other currency
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AI-assisted research summary: The kwacha may be exchanged with other currencies, and sales or purchases of foreign currency must be carried out through an authorised foreign exchange dealer.

5. ( 1) The kwacha may be exchanged with any other currency. (2) Any sale or purchase of foreign currency shall be transacted through an authorised foreign exchange dealer.
6
( 1) A person who contravenes these Regulations commits
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AI-assisted research summary: Breaking these Regulations is an offence. A convicted person can be fined up to 100,000 penalty units, jailed for up to 10 years, or both.

6. ( 1) A person who contravenes these Regulations commits an offence and is liable, upon conviction, to a fine not exceeding one hundred thousand penalty units or to imprisonment for a period not exceeding ten years, or to both. (2) If a body corporate or an unincorporated body is convicted of an offence under these Regulations, every person who - (a) is a director of, or is otherwise concerned with the management of, the body corporate or unincorporated body; or (b) knowingly authorised or permitted the act or omission constituting the offence; , , shall be deemed to have committed the same offence unless the director 9r like officer of the body corporate or unincorporated body proves to the satisfaction of the court that the act constituting the offence was done without the knowledge, consent or connivance of that director or like officer. LUSAKA 7th May, 2012 [ MFBll 03/103/16/5] A. B. Ctt!KWANDA, Minister of Finance

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Bank of Zambia (Currency) (Regulations, 2012

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