Zimbabwe: Reserve money grows 2.38% to ZWL$14.16bn

By Almot Maqolo

Zimbabwe’s reserve money rose 2.38% to ZW$14.16 billion as at 18 September 2020 from ZW$13.83 billion recorded during the previous week, the central bank has said. Reserve money refers to currency in circulation plus commercial banks’ deposits with the central bank and other deposits to the same.

“The growth in reserve money largely reflected an increase of ZW$280 million in banks’ deposits at the Reserve Bank. The increase in banks’ liquidity reflects preparations by corporates for the Quarterly Payment Date (QPD) tax obligations, due by 25 September 2020,” it said. Government deposits at apex bank declined from ZWL$14.203 billion as at 11 September 2020 to ZWL$13.002 billion.

“The fall in Government deposit by ZW$1.2 billion also reflects release of liquidity into the economy, over the week under review.” Required reserves and currency issued also increased by ZW$39 million and ZW$22 million, respectively, during the week under review.

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