Central Banking

Zambia raises capital ratio for banks and rebases currency

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The Bank of Zambia has released a statement from Alexander Chikwanda, minister of finance and national planning, in which two significant reforms are announced.

The Zambian cabinet has approved plans to raise the capital requirement of commercial banks and to rebase the Zambian currency, the kwacha. The minister said the moves were "consequent to the recommendations of the Bank of Zambia board".

Chikwanda noted that these were both important issues that had a "bearing on the development of our

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