RBZ: Reserve Money In Sharp Decline

2 years agoWed, 30 Jun 2021 06:46:46 GMT

The Reserve Bank of Zimbabwe (RBZ) recorded a sharp decline in Reserve Money as of the week ending 18th June 2021 mainly because of a decrease in banks’ liquidity.

In the RBZ’s previous report for the week that ended on 4 June, Reserve Money had increased by 902 Zimbabwean dollars.

Pindula News present the central bank’s statement.

1. Reserve money for the week ending 18th June 2021 fell by ZW$176.84 million to ZW$23.85 billion, compared to last week’s position of ZW$24.02 billion.
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2. The decrease in reserve money largely reflected a decrease of ZW$378.06 million in banks’ liquidity (RGTS balances) at the Reserve Bank, which was partially offset by increases of ZW$125.35 million and ZW$75.87 million in currency issued and required reserves, respectively.
3. The fall in liquidity followed an increase in revenue collection by Government, which saw its deposit at the RBZ rising by ZW$1.19 billion over the week under review, thus withdrawing liquidity from the market.
Please note that the end-December 2020 reserve money is provisional until audit is completed.