Regulatory Alerts2001-01-01
Bank of Zambia Circular 16/2001: Statutory Reserve Ratio
The Bank of Zambia has issued Circular 16/2001 to mandate an immediate reduction in the minimum statutory reserve ratio for all commercial banks. Effective immediately, the required reserve ratio on both Kwacha and foreign currency deposits is lowered by five percentage points, decreasing from fifteen percent to ten percent. This directive follows up on prior regulatory guidance outlined in Circular 04/2001 dated January 12, 2001.
Tel. 228888/228903-20
BANK OF ZAMBIA
P.O. BOX 30080
Lusaka
10101
March 26, 2001
CB Circular No 16/2001
To : ALL COMMERCIAL BANKS
Dear Sirs/Madam
STATUTORY RESERVE RATIO
Kindly refer to CB circular No 04/2001 dated 12 January 2001.
The Bank of Zambia wishes to advise all commercial banks that with immediate effect, the minimum statutory reserve ratio on both the Kwacha and foreign currency deposits has been lowered by 5 percentage points from 15 percent to 10 percent.
Yours faithfully
Dr Abraham Mwenda
Deputy Governor - Operations
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