The Central Bank of Zambia Increases the Statutory Reserve Ratio | Business Edge | 8/11/2023

Zambia's central bank on Monday raised the statutory reserve ratio, the rate at which commercial banks keep funds in the central bank, following consistent pressure on the foreign exchange market.

Francis Chipimo, the deputy governor in charge of operations at the Bank of Zambia, said in a circular sent to commercial banks that the statutory reserve ratio has been increased from 11.5 percent to 14.5 percent.

"This measure is aimed at relieving the persistent foreign exchange market pressure with a view to reining in inflation," he said, adding that it will take effect on Nov. 13.

Anchor: Perpetua Fasanmi-Peter
Guest: Caesar Cheelo, Development Economists

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