The Bank of Zambia (BoZ) has suspended Esna Bureau de Change Limited’s licence for six months until June 1, 2020 due to the company’s breach of the Banking and Financial Services (Bureau de Change) Regulations.

In a government gazette released by the BoZ, Tuesday, the central bank disclosed that Esna Bureau breached regulations and, as a consequence, will not be operating for the entire six-month period of its suspension, but will still be bound to settle its legal obligations.

“Take notice that with effect from December 2, 2019, the BoZ suspended the bureau de change licence of Esna Bureau de Change Limited for a period of six months until June 1, 2020, in accordance with Section 17 of the Banking and Financial Services Act, 2017. The suspension of the licence is due to the breach of the Banking and Financial Services (Bureau de Change) Regulations, 2003. The suspension of the licence entails that Esna Bureau de Change Limited ceases to operate as a bureau de change under the Banking and Financial Services Act, 2017, and the Banking and Financial Services (Bureau de Change) Regulations, 2003, until June 1, 2020,” the gazette, signed by Deputy Registrar of Financial Service Providers Isaac Muhanga, read.

“However, the suspension of the licence does not relieve Esna Bureau de Change Limited of any obligations it incurred or assumed during the period of validity of the licence.”