Bank of Zambia Circular 27/2001: Statutory Reserve Ratio

The Bank of Zambia has increased the minimum statutory reserve ratio on demand deposits, covering both kwacha and foreign currency, by 2.5 percentage points from 12.5% to 15%. This regulatory adjustment applies to all commercial banks operating within the country. The revised 15.0% reserve requirement officially takes effect on 3 December 2001.

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BANK OF ZAMBIA

Tel. 228888 / 228903 - 20 P.O. Box 30080 LUSAKA 10101

26 November 2001

CB Circular No. 27/2001

To: All Commercial Banks

Dear Sirs/Madam

STATUTORY RESERVE RATIO

Kindly refer to CB Circular No. 19/2001 dated 14th June 2001.

Commercial banks are hereby advised that the minimum statutory reserve ratio on demand deposits (both kwacha and foreign currency) has been revised upwards by 2.5 percentage points from 12.5% to 15%.

The new statutory reserve ratio of 15.0% takes effect on Monday, 3rd December 2001.

Yours faithfully

CHILUFYA MBALASHI (Ms.)
DEPUTY GOVERNOR - ADMINISTRATION