By Masauso Mkwayaya The Bank of Zambia has increased the statutory reserve ratio on both local and foreign currency deposits by NINE percentage points to 26 percent from 17. The decision which comes into effect on February 5, 2024 includes Government deposits and vostro accounts deposits. In a notice to Heads of Commercial Banks, Bank
By Paul Shalala Bank of Zambia – BoZ – Analyst for Licensing and Enforcement CHARITY MWENYA says thousands of Zambians have been scammed through illegal financial schemes. Speaking when BoZ Governor DENNY KALYALYA visited the Bank’s stand at the 94th Agriculture and Commercial Show in Lusaka today, Ms. MWENYA said investments in illegal financial schemes
Bank of Zambia Governor Christopher Mvunga says there is need to address cyber risks in the financial sector because it one of the major challenges affecting the financial sector. Mr. Mvunga however says multi-national banks have a globalized system that they use to store information and might not be possible to ask them to move…
The Bank of Zambia -BOZ- has reiterated that the exchange rate will continue to be determined by market forces. A statement issued by the Bank of Zambia Communications Division says this is the most appropriate way in which economic imbalances are resolved. The Central Bank says its utmost priority is to restore macroeconomic stability and…
THE Bank of Zambia has announced its monetary policy, increasing its benchmark interest rate by 50 basis points to 10.25 percent from 9.75 percent, effective from May 21, 2019. Bank of Zambia Governor Denny Kalyalya said this during a monetary policy committee briefing today. “The Monetary Policy Committee (MPC), at its May 20-21, 2019 Meeting,…
THE Bank of Zambia (BoZ) has insisted that the now popular Big tree in Kabwe reflecting on K50 bank notes was rehabilitated at a total sum of K370, 000. BoZ Spokesperson Kanguya Mayondi said the rehabilitation works done at the Mukuyu Tree National Heritage site involved repairing the fence, installing solar flood light lamps, paving…
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