The Bank of Zambia has issued the Currency Directives, 2025, effective 26 December 2025, to operationalise and reinforce the requirement that domestic transactions be settled in ZMW (kwacha and ngwee). The Bank said the Directives are intended to make it easier for corporates, other business entities and individuals to comply with the law. For these purposes, a domestic transaction is defined as a private or public transaction involving the payment of money to a person who resides in Zambia for a transaction that occurred in Zambia. The Directives include exemptions for certain domestic transactions and explicitly do not apply to international transactions; they were issued under Sections 18 and 73 of the Bank of Zambia Act, 2022, following stakeholder consultations conducted with the Public Private Dialogue Forum and other organisations. The Directives and Explanatory Notes are available on the Bank of Zambia’s website and social media platforms.
Bank of Zambia 2025-12-26
Bank of Zambia issues Currency Directives mandating settlement of domestic transactions in ZMW from 26 December 2025
The Bank of Zambia has issued the Currency Directives, 2025, effective 26 December 2025, mandating that domestic transactions be settled in ZMW. The Directives, which include exemptions and exclude international transactions, aim to facilitate compliance for businesses and individuals. They were issued under the Bank of Zambia Act, 2022, following stakeholder consultations.