RegAlertRule · BOZ · 11 Jan 2013
Bank of Zambia Circular 02/2013: Increase in Statutory Reserve Ratios
The Bank of Zambia has directed all commercial banks to increase the minimum statutory reserve ratio on kwacha and foreign currency public deposits from 5.0 percent to 8.0 percent. This 3.0 percentage point adjustment takes effect on January 28, 2013, with compliance reflected in the weekly asset and liability returns starting January 23, 2013. The measure aims to curb excess market liquidity and control inflation, while the central bank reserves the right to implement additional macroeconomic interventions as needed.
BANK of ZAMBIA
OFFICE OF THE DEPUTY GOVERNOR - OPERATIONS
January 11,2013
CB Circular No: 02/2013
To All Commercial Banks
INCREASE IN STATUTORY RESERVE RATIOS
The Bank of Zambia wishes to advise all commercial banks that with effect from Monday 28th January 2013, the minimum statutory reserve ratio on both the kwacha and foreign currency deposit liabilities to the public will be increased by 3.0 percentage points to 8.0 percent from 5.0 percent. The increase in the statutory reserve ratios is primarily aimed at addressing the prevailing excess liquidity conditions in the market and its consequential impact on inflation. Commercial banks are further advised that in terms of compliance, the revised statutory reserve ratio of 8.0 percent will be effected starting with the Weekly Return on Selected Assets and Liabilities as at Wednesday 23rd January 2013. The Bank of Zambia will continue to monitor developments in the macroeconomic environment and stands ready to take other measures as deemed necessary. I Bw lya K.E. Ng'andu (Dr.) DEPUTY GOVERNOR - OPERATIONS Cc Governor Bank Square, Cairo Road P.O. Box 30080, Lusaka, Zambia Tel: 260-211-226844,228888 Fax:260-211-237070 E-mail: bngandu@boz.zm. http://www.boz.com
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