The Parliament of Zambia's Bank of Zambia (Amendment) Act, 2013 seeks to promote the efficient operation of the foreign exchange system by giving the Bank the power to monitor the balance of payments in such areas as foreign exchange inflows and outflows and amounts remitted, international transactions in services, international transfers to or from non-residents, and international money transfers into and out of Zambia. In addition, 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. Lastly, the amendment creates a general penalty in which a person who commits an offense 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.
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