Harare – Reserve money, local banks’ balances sitting with the central bank, rose 18% to ZW$17.01 billion as at 24 July 2020 from ZW$14.36 billion on 17 July 2020, the central bank has said.

The Reserve Bank of Zimbabwe (RBZ) said the rise, was largely due to increased government expenditures, which saw government surplus position moving from ZW$8 billion to ZW$6.3 billion as at the end of the review period.

“Foreign currency purchases from exporters by the Bank also increased reserve money during the week,” RBZ stated.

In the week under review, required reserves and currency issued also rose. Partially offsetting the increase in reserve money was a decline of ZW$0.74 billion in other deposits.

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