The Bank of Zambia (BoZ) has with immediate effect suspended the licence of Sigma Bureau de Change for violating Act regulations of 2003.
BoZ registrar of banks, financial and business institutions said the suspension is for six months, from 6th October, 2015 to 6th April 2016 pursuant to section 81 (2) (b) of the Banking and Financial Services Act, Chapter 387 of the laws of Zambia.
This is according to a press release made available to the Daily Nation by BOZ, head of communications division.
“The suspension is as a result of de bureau’s violation of the provisions of the Banking and Financial Act and Financial Services (Bureau de change) regulations of 2003 on the foreign currency over the counter cash transaction limits,” said the registrar
However, the suspension of the licence did not relieve Sigma Bureau de Change of any obligations it incurred or assumed during the period of validity of the licence.