Zambia raises commercial banks reserve ratio to address forex volatility

Lusaka, Feb 3 : Zambia's central bank on Thursday raised statutory reserve ratio, the rate at which commercial banks keep funds in the central bank, to address volatility in the foreign exchange (forex) market. Bank of Zambia's Deputy Governor Francis Chipimo said in a circular to all commercial banks that the ratio would be increased by 2.5 percentage points to 11.5 per cent. "This measure is aimed at addressing the increased volatility in the exchange rate which intensified in December 2022, and has persisted in 2023," he said, as quoted by Xinhua. The increased reserve ratio comes into effect on February 13. Chipimo said the country's currency has come under sustained depreciation despite the central bank's support to the market through sales of foreign exchange. /IANS


Mid air collision between Air India, Nepal Airlines aircraft averted, 2 suspended
New Delhi, March 26 : A major accident was averted on Friday when an Air India and Nepal Airlines aircraft came close to colliding with each other ove

Chinese vice premier stresses expanding opening up, sharing market opportunities with world
Beijing, March 26 : Chinese Vice Premier Ding Xuexiang has stressed further advancing opening-up and sharing market opportunities with the world.

Govt working towards taking number of airports beyond 200 in 4 yrs Scindia
New Delhi, March 26 : Civil Aviation Minister Jyotiraditya Scindia on Sunday said that the government is working towards a target of taking the curren