The Treasury department issues daily market updates to its corporate, institutional, trade and retail customers to keep abreast of the latest market news and currency trends.
Foreign Exchange Products
1. Cash Transactions/Bureau De Change
Carry out over the counter foreign exchange for a quick exchange of foreign currency equivalent to the money you present. We facilitate this for these currencies: USD, GBP, EUR and ZAR. The branch is guided by the day’s exchange rates. If the amount is above USD 5,000, a more refined rate my be extended by the Treasury-Corporate Dealing Unit.
2. Forward Transactions
This service is done for clients who receive or remit a determinable amount of foreign currency at a definite future date. Settlement is carried out more than two working days later, with a specified amount, rate and date, and a cash collateral of 10% of the amount.
3. Telegraphic Transfer (TT)
This is an efficient and secure funds transfer service that remits money in foreign currencies to foreign countries on behalf of its clients. The rate, charges and date are specified at the point of transaction, and settled on the same day or next day instead of two working days.
The Bank deals in the following Foreign currencies: - USD, GBP, EUR, JPY, CHF, ZAR, CAD, AUD, SEK, NOK, DKK, TZS, UGX, SDG.
4. FX Fixed Deposits
FX Fixed Deposits are accounts into which clients deposit specified funds for a fixed period of time and in turn receive preferential rates.
5. FX Denominated Loans
Clients are able to access loans in foreign currency. The loans are subject to credit appraisal and pricing is benchmarked on LIBOR or other international benchmarks.
Real Time Gross Settlement (RTGS)
Funds can be efficiently and securely remitted by the bank on your behalf in the local currency and selected foreign currencies to local banks. The currencies specified are USD, GBP and EUR. The bank also receives RTGS payments on your behalf at no charge.
Money Markets and Fixed Income Products
1. Call Deposit
In this account, a client deposits money for an unspecified period of time and has no specific maturity date. The client can ‘call’ the funds at will, after a minimum holding period of 7 days. Rates are typically higher than those applicable for savings accounts.
2. Fixed Deposit Account
In this account a client deposits specified amounts of money for a specified period of time between a month and a year, and in turn earns a preferential rate. Earlier withdrawal will lead to forfeiture of interest or a lower rate computation for the period the deposit has run.
The bank also applies for Treasury Bills on behalf of the client for a commission but gets its commission from CBK for Treasury Bonds.
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