Regulatory Alerts2023-01-01
CB Circular No. 02 of 2023 - Adjustment to the Kwacha and Foreign Currency Statutory Reserve Ratio
The Bank of Zambia has increased the minimum statutory reserve ratio for commercial banks by 2.5 percentage points to 11.5 percent, effective February 13, 2023. This adjustment applies to both Kwacha and foreign currency deposits, including government and vostro accounts, and is calculated based on the Weekly Return of Selected Assets and Liabilities as of February 8, 2023. Implemented to counter sustained exchange rate depreciation and strengthen foreign exchange market stability, the measure will be reviewed by June 2023.
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