Tag: Bank of Zambia

BOZ increases statutory reserve ratio

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

MVUNGA WARNS OF CYBER RICKS IN FINANCIAL SECTOR

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…

KWACHA WILL BE MARKET DETERMINED

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…

Bank of Zambia announces monetary policy, increases interest rate to 10.25 percent

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,…
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