Regulatory Alerts2001-06-14
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Bank of Zambia Circular 19/2001: Statutory Reserve Ratio
The Bank of Zambia has increased the minimum statutory reserve ratio for commercial banks by 2.5 percentage points to 12.5 percent, a requirement that also applies to foreign currency deposits. This revised ratio will take effect on June 25, 2001, following a standard ten-day transition period. Future modifications to reserve requirements will be determined by prevailing macroeconomic stability conditions.
BANK OF ZAMBIA
P.O. Box 30080,
LUSAKA 10101
Tel. 228888 / 228903 - 20
14 June 2001
CB Circular No. 19/2001
To: All Commercial Banks
Dear Sirs/Madam
STATUTORY RESERVE RATIO
Kindly refer to CB Circular No. 04/2001 dated 12<sup>th</sup> January 2001.
Commercial banks are hereby advised that the minimum statutory reserve ratio has been revised upwards by 2.5 percentage points to 12.5%. As before, this adjustment also applies to the foreign currency deposits.
In keeping with the standard ten days transition period, the new statutory reserve ratio of 12.5% will become effective on Monday, June 25, 2001.
As usual, further adjustments to the reserve ratio requirements will depend on the situation regarding macroeconomic stability.
Yours faithfully
Abraham Mwenda (Dr.)
DEPUTY GOVERNOR - OPERATIONS
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