The Bank of Zambia (BOZ) Act is the official charter that governs the operation of the African country’s financial institution in terms of operation and use of the local currency.
In its latest version of 1996, it repeals the 1985 stipulations regarding the economic measures that were implemented in the domestic market and interaction with international forums.
This Act revises compliance with Zambian legislation and all the rights and duties of the powers of the Bank of Zambia and the institutions connected to the highest banking body.
Likewise, the official letter reviews the compliance of the issuance of the local currency in a satisfactory manner, in addition to the regulation and supervision that offers stability in the economic system for Zambians in all prices published in the country.
Division of the Bank of Zambia Act
All the parameters shared in the Bank of Zambia Act are divided into multiple sections to segment the needs and duties of the country’s financial performance and the actions that are taken by the institution to respond to each case.
Under the Act, the main issues of concern to the bank have been maintained with the objective of maintaining balance at all levels of society.
Among the main focuses, the following are demonstrated:
1. Institution: Bank of Zambia.
2. Bank Administration.
3. Local currency, banknotes, monetary units.
4. International market, foreign exchange in the country, control and reserve operations.
5. Connection of the Bank of Zambia with other local banks.
6. Zambian government and laws.
The document was officially published by the entity on December 12, 1996 described in English to formalize the facts that would be updated in economic and legal terms according to the requirements for the beginning and development of the 2000s.
In its official letter issued by the State of Zambia, the charter contains the main acts, legislations and procedure of the specified authorities in 64 pages as shared on the official website of the parliament.
To know more about the details of the charter, you can access the following link: http://www.parliament.gov.zm/sites/default/files/documents/acts/Bank%20of%20Zambia%20Act.pdf