Reserve rose from ZW$14.36 billion on 17 July 2020 to ZW$17.01 billion as at 24 July 2020, the Bank of Zimbabwe (RBZ) has revealed.
The central bank said this was largely on account of increased Government expenditures. The report reads:
Reserve money rose from ZW$14.36 billion on 17 July 2020 to ZW$17.01 billion as at 24 July 2020, largely on account of increased Government expenditures, which saw Government surplus position moving from ZW$8.0 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.
During the week under review, required reserves and currency issued also rose. Partially offsetting the increase in reserve money was a decrease of ZW$0.74 billion in other deposits.