The Reserve Bank of Zimbabwe (RBZ) recorded a sharp decline in Reserve Money as of the week ending 2nd July 2021 mainly because of a decrease in banks’ liquidity.
In the RBZ’s previous report for the week that ended on 18 June, Reserve Money had fallen by ZW$176.84 million to ZW$23.85 billion.
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Pindula News present the central bank’s statement.
1. Reserve money declined by ZW$917.13 million to ZW$23.53 billion during the week ending 2nd July 2021, largely reflecting a decrease of ZW$1.35 billion in banks’ liquidity (RTGS balances), which was partially offset by increases of ZW$400.36 million and ZW$37.13 million in required reserves and currency issued, respectively.
2. The fall in liquidity was mainly due to payment of taxes for the Quarter ended June 2021, which led to an increase in Government revenue collections. As a result, Government’s deposits at the RBZ rose by ZW$9.15 billion, over the week under review.
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