PRICEWATERHOUSE Coopers (PwC) Country Senior Partner Andrew Chibuye says government’s move to mop up its deposits that are not being used in the commercial banks will, in the short term, cause pressure for the banks. Recently, Bank of Zambia Governor Dr Denny Kalyalya said the Central Bank was mopping up government’s unused deposits sitting with commercial banks. “…Now to try and deal with this [volatility in the exchange rate] we raised the Statutory Reserve Ratio last year. We raised quite significantly as well over 800 basis points but we saw it fit that we must raise this further in 2024.So we raised it by 900 basis points earlier this month so that we [mop] some of the liquidity which is...

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