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Home  //  Zambia Statutory Instrument No. 55 (SI 55)

Zambia Statutory Instrument No. 55 (SI 55)

On 1 July 2013, the Government of the Republic of Zambia introduced Statutory Instrument number 55 (SI 55), which empowers the Bank of Zambia to monitor inflows, outflows and international transactions through the Balance of Payments Monitoring Framework.

These regulations apply to all import and export transactions with a threshold of twenty thousand US dollars or more, or the equivalent in any foreign currency. These regulations also apply to dividends, royalties, management fees, technical fees, commissions, consultancy fees, Government security maturities and other related transactions, regardless of the threshold referred to above.

Updated forms and specific documentation will be required from importers and exporters who transact above the threshold, as well as individuals who make certain remittances and contract external loans. As a result, financial services providers must submit periodic monthly returns to The Bank of Zambia.

These updated forms are available on the Stanbic website http://www.stanbicbank.co.zm, please consult the Bank of Zambia Balance of Payments Monitoring Guide (2013) for more information and for detailed instructions on completing and submitting relevant documentation, or contact your relationship manager.