Regulatory Alerts2023-01-01
Bank of Zambia Adjustment to the Kwacha and Foreign Currency Statutory Reserve Ratio
The Bank of Zambia has increased the minimum statutory reserve ratio for commercial banks' local and foreign currency deposits from 11.5 percent to 14.5 percent, effective November 13, 2023. This revised ratio applies to government and vostro account deposits and is calculated based on the Weekly Return of Selected Assets and Liabilities as of November 8, 2023. The measure aims to alleviate persistent foreign exchange market pressure and curb inflation while the central bank continues monitoring macroeconomic conditions to ensure price and financial stability.
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