BoZ raises Statutory Reserve Ratio
Published On November 7, 2023 » 644 Views» By Times Reporter » Business, Stories
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By CHATULA KANGALI and ANDREW MULENGA –
THE Bank of Zambia (BoZ) has raised the minimum Statutory Reserve Ratio (SRR) on the Kwacha and foreign currency by three per cent to help address the inflation and foreign exchange pressure.
This has been increased from 11.5 per cent to 14.5 per cent effective Monday, November 13 this year.
B0Z deputy governor Francis Chipimo said in a circular issued to commercial banks on Friday last week, the minimum SRR is on local and foreign exchange currency deposits as well as government deposits and Vastro accounts deposits.
“This measure is aimed at relieving the persistent foreign exchange market pressure with the view of reining in inflation.

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