{"id":54072,"date":"2023-12-17T20:21:44","date_gmt":"2023-12-17T20:21:44","guid":{"rendered":"https:\/\/www.africa-press.net\/zambia\/all-news\/increase-of-the-monetory-policy-rate-mpr-reserve-ratio-the-crux-of-the-matter"},"modified":"2023-12-17T20:39:36","modified_gmt":"2023-12-17T20:39:36","slug":"increase-of-the-monetory-policy-rate-mpr-reserve-ratio-the-crux-of-the-matter","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zambia\/all-news\/increase-of-the-monetory-policy-rate-mpr-reserve-ratio-the-crux-of-the-matter","title":{"rendered":"Increase of the Monetory Policy Rate (MPR) & Reserve Ratio \u2013 The Crux of the Matter"},"content":{"rendered":"

Africa-Press – Zambia. <\/strong><\/span>There are two main Policy vehicles that Government employs to drive the economy namely, *the Fiscal Policy and the Monetory Policy* *The fiscal policy* looks at tax legislations and government spending. How does government make money? How is this money made allocated and expended.<\/p>\n

*Monetory Policy* on the other hand looks at economic markets; how is our currency performing? How much money both in foreign and local currencies is required to be reserved? These are expressed as ratios and rates.<\/p>\n

Let\u2019s get in it now \u2013 The MPR is the amount in percentage terms that is added to the current interest rates charged by the banks to try and manage the growing demand for borrowing in an economy. When you\u2019re selling tomatoes at K 50 per box, it is only logical and natural to increase the price when more people are coming to want to buy your tomatoes. This is the basic principle of demand and supply. When supply goes up, prices go down (depending on the importance of the commodity being supplied). When supply goes down, demand will go up and this tends to push up prices. *The supply and demand principle doesn\u2019t hold when a commodity being traded cannot be substituted and is said to be demand inelastic meaning changes in price will not impose any significant change in the buying habit of the people.*<\/p>\n

So Government through the Bank of Zambia will impose an increase in the price of borrowing (look at a loan as a commodity and interest as the price you\u2019re paying). This is done to discourage borrowing so that there is less money in circulation (low supply) thereby boosting demand and eventually securing a high price for our Kwacha. I hope this is making sense.<\/p>\n

Unfortunately, this approach doesn\u2019t work in developing economies like Zambia. Increasing the price of borrowing which is the increase in MPR doesn\u2019t stop people from borrowing because they can\u2019t allow their businesses to fold because of 1% increase in the interest rate. They choose the better option of suffering that 1% loss on the value of their loan than to completely close down the business.<\/p>\n

In conclusion, Government is trying to manage inflation by Increasing the bank interest rate by 1% to discourage borrowing. This is wrong! And I will share why.<\/p>\n

*Reserve Ratio \u2013 what is its impact?*<\/p>\n

Another tool used by the Bank of Zambia under the Monetory Policy umbrella is the Reserve Ratio. This is used to manage the currency or money in circulation. It is used to address both the inflation and more also the foreign exchange rate.<\/p>\n

What happens is that Government through the Central Bank (BOZ) will seek to limit the notes of a particular currency in circulation. This creates demand of that currency which is in low supply. Low supply pushes up the price and that is how a currency gains its value.<\/p>\n

Unfortunately, what BOZ has done is to increase the ratio of foreign currency from 11.5% to 14.5%. This should have only been done on the local currency, our Kwacha. I don\u2019t know how my colleagues think but this is a very terrible decision to have been made. What it means is that both currencies will be in short supply by 3 percentum points. And nothing will change apart from making the economy even more sophisticated as citizens will have challenges finding money. Arresting US$ from circulation will give Dollar much more power than our Kwacha because we an import driven economy. Arresting Kwacha is not also a very good decision to some extent because this is our only common means of exchange.<\/p>\n

*But what should government do?*<\/p>\n

*Short-term solutions*<\/p>\n

1. Encourage agribusiness by flexing the CDF Policy. Financing irrigation initiatives to draw away farmers from rain-fed farming mentality. This will encourage production of strategic crops such as maize, cassava, wheat for export. These would start earning us US$ thereby making our Kwacha much more attractive.<\/p>\n

2. Withdraw the stifling MPR that seeks to put US$ on a record high demand. This is retrogressive!<\/p>\n

3. Reduce interest rates to encourage aggregate demand activities in the economy. Money makes money. I really wonder what my colleagues think in coming up with such repressive policies!<\/p>\n

4. Explore other income generating avenues such production of cannabis for medicine production, gold and sugilite exploration as well. I refuse to believe that Government cannot do this. There is someone who is sleeping in the system of governance in our rich Country Zambia.<\/p>\n

For More News And Analysis About Zambia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zambia. There are two main Policy vehicles that Government employs to drive the economy namely, *the Fiscal Policy and the Monetory Policy* *The fiscal policy* looks at tax legislations and government spending. How does government make money? How is this money made allocated and expended. *Monetory Policy* on the other hand looks at […]<\/p>\n","protected":false},"author":84,"featured_media":54071,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,235,233],"class_list":["post-54072","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-zambia","tag-zambia"],"yoast_head":"\nIncrease of the Monetory Policy Rate (MPR) & Reserve Ratio \u2013 The Crux of the Matter - Zambia<\/title>\n<meta name=\"description\" content=\"There are two main Policy vehicles that Government employs to drive the economy namely, *the Fiscal Policy and the Monet ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zambia\/all-news\/increase-of-the-monetory-policy-rate-mpr-reserve-ratio-the-crux-of-the-matter\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Increase of the Monetory Policy Rate (MPR) & Reserve Ratio \u2013 The Crux of the Matter\" \/>\n<meta property=\"og:description\" content=\"There are two main Policy vehicles that Government employs to drive the economy namely, *the Fiscal Policy and the Monet ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zambia\/all-news\/increase-of-the-monetory-policy-rate-mpr-reserve-ratio-the-crux-of-the-matter\" \/>\n<meta property=\"og:site_name\" content=\"Zambia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-17T20:21:44+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-12-17T20:39:36+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2023\/12\/sm_1702832853.903139.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/increase-of-the-monetory-policy-rate-mpr-reserve-ratio-the-crux-of-the-matter#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/increase-of-the-monetory-policy-rate-mpr-reserve-ratio-the-crux-of-the-matter\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Increase of the Monetory Policy Rate (MPR) & Reserve Ratio \u2013 The Crux of the Matter\",\"datePublished\":\"2023-12-17T20:21:44+00:00\",\"dateModified\":\"2023-12-17T20:39:36+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/increase-of-the-monetory-policy-rate-mpr-reserve-ratio-the-crux-of-the-matter\"},\"wordCount\":769,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/increase-of-the-monetory-policy-rate-mpr-reserve-ratio-the-crux-of-the-matter#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zambia\/sites\/35\/2023\/12\/sm_1702832853.903139.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zambia\",\"Zambia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zambia\/all-news\/increase-of-the-monetory-policy-rate-mpr-reserve-ratio-the-crux-of-the-matter#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/increase-of-the-monetory-policy-rate-mpr-reserve-ratio-the-crux-of-the-matter\",\"url\":\"https:\/\/www.africa-press.net\/zambia\/all-news\/increase-of-the-monetory-policy-rate-mpr-reserve-ratio-the-crux-of-the-matter\",\"name\":\"Increase of the Monetory Policy Rate (MPR) & Reserve Ratio \u2013 The Crux of the Matter - 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