A multi-channel current regulator includes two or more channels, each channel acting as a current source or sink for a respective load. Each channel regulates its load current so that the load current is proportional to an input voltage supplied to the channel. An operational amplifier is shared between the channels. Each channel is selected in a rotating sequence for connection to the amplifier. As each channel is selected, a two-phase refresh cycle is initiated. During the first phase, the output of the amplifier is charged until it substantially matches the drive voltage of the selected channel. This is followed by the second phase where the output of the amplifier is adjusted until the load current of the selected channel is proportional to a set voltage V.sub.set.