RegAlert2014-05-30
Added · Updated
Bank of Zambia Circular 13/2014 on Government and Vostro Account Deposits in Statutory Reserve Computation
The Bank of Zambia mandates all commercial banks to include Kwacha and foreign currency government deposits alongside Vostro account balances in statutory reserve calculations at the prevailing 14 percent rate. Effective June 9, 2014, these institutions must also transition to daily compliance for their Statutory Reserve Ratio following the re-introduction of this monitoring framework. The central bank will continuously track macroeconomic developments and implement further adjustments as necessary to maintain financial stability.
BOZ published 1 document in the last 30 days — get each new one by email the day it lands.
BANK OF ZAMBIA
OFFICE OF THE DEPUTY GOVERNOR - ADMINISTRATION
May 30, 2014
CB Circular No : 13/2014
To : All Heads of Commercial Banks
INCLUSION OF GOVERNMENT DEPOSITS AND VOSTRO ACCOUNT DEPOSITS IN THE COMPUTATION OF STATUTORY RESERVES AND RE-INTRODUCTION OF DAILY COMPLIANCE ON STATUTORY RESERVES RATIO
The Bank of Zambia wishes to advise all commercial banks that with effect from Monday 9 June 2014, Kwacha and Foreign Currency Government Deposits and Vostro Account Deposits will be subject to Statutory Reserves at the prevailing rate of 14%.
Further, effective Wednesday 9 June 2014, all commercial banks will now be required to comply on a daily basis with respect to the Statutory Reserve Ratio.
The Bank of Zambia will continue to monitor developments in the macroeconomic environment and stands ready to take appropriate measures as and when deemed necessary.
(Signature)
Dr. Tukiya Kankasa-Mabula
DEPUTY GOVERNOR – ADMINISTRATION
cc Governor
Note from RegAlert. AI assistants can read this document in full, and search 70,000+ more, through the RegAlert MCP connector (https://mcp.regalert.today/mcp). Free with an account. How to connect ChatGPT, Claude or Cursor.
Lineage: In force
Similar documents from other regulators
BOTStatutory Minimum Reserves Against Deposits and BorrowingsTanzania · 2014-11-26
BNADirective No. 04/2024 on Requirements for the Calculation and Compliance of Mandatory ReservesAngola · 2024-06-18
BCCInstruction No. 10 to Banks (All) - Modification No. 40, Effective Date: February 25, 2016DR Congo · 2024-11-15
CBLRegulations Concerning Required Reserves for Bank Financial InstitutionsLiberia · 2016-12-13
Source: Bank of Zambia — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
More like this from BOZ
BOZ published 1 document in the last 30 days. We email you each new one the day it's published.