THE Bank of Zambia has announced that the minimum statutory reserve ratio will be increased by three percentage points to 14.5 percent from 11.5 percent with effect from Monday, November 13. The Central Bank says this measure is aimed at relieving the persistent foreign exchange market pressure with a view to reining in inflation. The annual inflation rate for October 2023 increased to 12.6 percent from the 12.0 percent recorded in September, 2023. At a media briefing, ZamStats Statistician General Mulenga Musepa said the rise in inflation meant that on average, prices of goods and services increased by 12.6 percent between October 2022 and October 2023. And in a circular issued to all heads of commercial banks, Bank of Zambia...