Zambia Moves to Halt World’s Worst Currency Fall After Argentina
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Zambia’s central bank raised the ratio of deposits that commercial lenders must hold in a bid to reverse a slide in the world’s worst-performing currency after Argentina’s peso.
The Bank of Zambia will increase the statutory reserve ratio requirement for local- and foreign-currency deposits by 3 percentage points to 14.5% with effect from Nov. 13, it said in a circular on Monday. The move is aimed at relieving “persistent foreign-exchange market pressure” and reining in inflation, it said.