Reserve Bank Of Zimbabwe: Reserve Money Increase

The Reserve Bank of Zimbabwe has reported that Reserve Money increased mainly due to increases of banks’ liquidity and statutory reserves (minimum amounts of cash and readily marketable securities that insurance companies must hold). We present RBZ’s statement below.


  1. Reserve money increased by ZW$637.41 Million to ZW$22.54 billion, as at week ending 23rd April 2021, largely reflecting increases of ZW$309.98 million in banks’ liquidity (RTGS balances) at the Reserve Bank and ZW$293.85 million in statutory reserves. Currency issued also rose by ZW$33.59 million.
  2. The increase in reserve money was mainly attributed to maturing saving bonds, which injected ZW$3.52 billion into the market, during the week under review.

Table 1: Reserve Money Developments (ZW$ Billions)

Aug-20Sep-20Oct-20Nov-20Dec-20*Week Ending 29 Jan-21Week Ending 26 Feb-21Week Ending 26 Mar-21Week Ending 16 April-21Week Ending 23 April-21
Currency Issued by RBZ2.
Banking Sector Deposits at RBZ10.0610.2513.3815.9116.3819.1219.4317.6218.7519.36
Statutory (Required) Reserves1.241.401.682.012.202.444.805.155.295.59
Banks’RTGS Liquidity8.838.8511.7013.9014.1816.6814.6312.4713.4613.77
Other Deposits0.260.340.020.380.
Reserve Money12.3812.7315.5218.4218.7621.9322.3820.7721.9022.54
Memorandum Items
Currency Issued Reserve Money Ratio (%)16.616.813.711.612.6712.7913.1715.1614.3914.13
Currency in Circulation Deposits Ratio (%)

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