BoZ reduces statutory reserve ratios
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By Derrick Sinjela published on Monday 11th July 2011 THE Bank of Zambia says the statutory reserves ration on both kwacha and foreign currency deposits have been reduced by 3 percentage points from 8% to 5%. With this reduction, BOZ estimates that a total K700 billion will be released, and that this liquidity will no available for non-lending to the various sectors of the Zambian economy. According to a BoZ Press Statement made available last week indicated that the cost of holding this liquidity as unremunerated deposits of the Bank of Zambia had substantially reduced, as reflected in lower lending...