Reserve Ratios

    Many central banks, especially in developing and emerging markets, use a required reserve ratio (RRR) or cash reserve ratio (CRR) as a tool of monetary policy. By changing the ratio, central banks can influence the growth of credit.
    The ratio is calculated as a proportion of customer deposits and determines how much commercial banks must set aside rather than lend out. Deposits at commercial banks can take many forms, either as time deposits or sight deposit, and can be in local currency or foreign currency. Central banks often have different ratios for different types of deposits. 
    The table below only includes the ratio for domestic currency deposits to make it easier to compare the ratio at different central banks.
    The table includes the name of the country, the name of the central bank, the date of the last change to the reserve ratio and the current required reserve ratio for domestic currency deposits.

    Required Reserve Ratios Table:
(Updated Oct. 7, 2018 with China)
COUNTRYCENTRAL BANKDATE RATIO  PREVIOUS
ALBANIABank of Albania10.00%
ANGOLANational Bank of Angola24-May-1819.00%21.00%
ARMENIACentral Bank of Armenia24-Feb-142.00%4.00%
ARGENTINACentral Bank of Argentina28-Sep-1844.00%41.00%
ARUBACentrale Bank van Aruba11.00%
AZERBAIJANCentral Bank of the Rep. of Azerbaijan1-Mar-150.50%2.00%
BANGLADESHBangladesh Bank 3-Apr-185.50%6.50%
BARBADOSCentral Bank of Barbados5.00%
BELARUSNational Bank of the Rep. Of Belarus16-Mar-167.50%9.00%
BULGARIABulgarian National Bank 28-Nov-0810.00%12.00%
CAMEROONBank of Central African States (BEAC)7-Apr-165.88%11.75%
CAPE VERDEBank of Cape Verde16-Feb-1515.00%18.00%
CEN. AFRICAN REPUBLICBank of Central African States (BEAC)7-Apr-160.00%
CHADBank of Central African States (BEAC)7-Apr-163.88%7.75%
CHINAPeople's Bank of China15-Oct-1814.50%15.50%
DEM. REP. OF CONGOCentral Bank of Congo8-Apr-152.00%7.00%
REPUBLIC OF CONGOBank of Central African States (BEAC)7-Apr-165.88%11.75%
COSTA RICACentral Bank of Costa Rica15.00%
CROATIACroatian National Bank11-Dec-1312.00%13.50%
CZECH REPUBLICCzech National Bank20-May-992.00%5.00%
CURACAO & ST. MAARTENCentral Bank of Curacao and St. Maarten10-Oct-1318.00%
DENMARKNational Bank of Denmark2.00%
EGYPTCentral Bank of Egypt3-Oct-1714.00%10.00%
EQUATORIAL GUINEABank of Central African States (BEAC)7-Apr-165.88%11.75%
EURO AREAEuropean Central Bank 18-Jan-121.00%2.00%
FIJIReserve Bank of Fiji7-Jul-1010.00%
GABONBank of Central African States (BEAC)7-Apr-165.88%11.75%
GAMBIACentral Bank of The Gambia19-Jun-1315.00%12.00%
GEORGIANational Bank of Georgia13-Jun-185.00%7.00%
GHANABank of Ghana12-Nov-1410.00%11.00%
HUNGARYCentral Bank of Hungary1-Dec-161.00%2.00%
ICELANDCentral Bank of Iceland1-Jun-162.00%2.50%
INDIAReserve Bank of India1-Jul-134.00%4.75%
INDONESIABank Indonesia18-Feb-166.50%7.50%
IRAQCentral Bank of Iraq1-Sep-1015.00%
ISRAELBank of Israel6.00%
JAMAICABank of Jamaica1-Jul-1012.00%14.00%
JORDANCentral Bank of Jordan12-Mar-098.00%9.00%
KAZAKHSTANNational Bank of Kazakhstan2.50%
KENYACentral Bank of Kenya5.25%
KYRGYZ REPUBLICNational Bank of the Kyrgyz Republic14-Dec-154.00%4.50%
LITHUANIABank of Lithuania3.00%
MACEDONIANational Bank of the Rep. of Macedonia9-Sep-138.00%
MALAWIReserve Bank of Malawi23-May-0815.50%
MALAYSIABank Negara Malaysia16-May-113.00%2.00%
MALDIVESMaldives Monetary Authority20-Aug-1510.00%20.00%
MAURITIUSCentral Bank of Mauritius2-May-149.00%
MOLDOVANational Bank of Moldova4-Sep-1842.50%40.00%
MONGOLIABank of Mongolia23-Mar-1810.50%12.00%
MOROCCOBank of Morocco21-Jun-165.00%2.00%
MOZAMBIQUEBank of Mozambique26-Oct-1714.00%15.00%
NEPALNepal Rastra Bank11-Jul-184.00%6.00%
NICARAGUACentral Bank of Nicaragua15-Jun-1810.00%12.00%
NIGERIACentral Bank of Nigeria22-Mar-1622.50%20.00%
PAKISTANState Bank of Pakistan12-Oct-123.00%4.00%
PERUCentral Reserve Bank of Peru30-Apr-175.00%6.00%
PHILIPPINESBangko Sentral ng Pilipinas24-May-1818.00%19.00%
POLANDNational Bank of Poland31-Dec-103.50%
QATARQatar Central Bank 16-Mar-174.50%4.75%
ROMANIANational Bank of Romania6-May-158.00%10.00%
RUSSIA Bank of Russia27-Jun-165.00%4.25%
RWANDANational Bank of Rwanda5.00%
SERBIANational Bank of Serbia19-Jan-115.00%
SOUTH AFRICASouth African Reserve Bank2.50%
SRI LANKACentral Bank of Sri Lanka30-Dec-157.50%6.00%
TAIWANCentral Bank of the Rep. of China (Taiwan)1-Jan-1110.75%12.00%
TAJIKISTANNational Bank of Tajikistan20-Mar-173.00%
TANZANIABank of Tanzania21-Mar-178.00%10.00%
TRINIDAD & TOBAGOCentral Bank of Trinidad & Tobago17.00%
TUNISIACentral Bank of Tunisia1.00%
TURKEYCentral Bank of Republic of Turkey13-Aug-188.00%10.50%
UNITED STATES Federal Reserve 1)27-Oct-163.00%
URUGUAYCentral Bank of Uruguay1-Apr-1325.00%20.00%
UZBEKISTANCentral Bank of the Rep. Of Uzbekistan1-Sep-0915.00%
VENEZUELACentral Bank of Venezuela25-Oct-1319.00%17.00%
VIETNAMState Bank of Vietnam1-Sep-113.00%
WEST AFRICAN STATESCentral Bank of West African States16-Mar-173.00%5.00%
ZAMBIABank of Zambia21-Feb-185.00%8.00%

1) 3% on net transactions >$16M to $122.3M, 10% on transactions >$122.3M. Amounts indexed annually

  Central Bank News makes every effort to ensure the accuracy of the ratios in the table above at the time of publication. However, as ratios change over time, we cannot guarantee the accuracy of the information above but are working to expand the number of central banks included in the table.
    If you have any corrections to the information, please contact us. You may replicate the table above in full but under the strict condition that you cite CentralBankNews.info as the source, and if online, provide a link back to www.CentralBankNews.info

14 comments:

  1. Thank you so much for pointing out the error, you are correct and Ghana's RR has now been updated

    ReplyDelete
  2. Hello,

    Thank you so much for these useful informations concerning the RR.
    I just have one question: do you have historitical data (concerning Reserves ratios) for African Countries? For example since 2000?

    Best regards,

    ReplyDelete
    Replies
    1. I have limited historical data for reserve ratios and mainly focus on those central banks that I cover, of which there are 18 in Africa, excluding North Africa.

      Delete
    2. Please is it possible to have access to data on these ratios from between 2007 to 2016?

      Delete
    3. I'm afraid I don't have data going back so far

      Delete
  3. Replies
    1. Canada began phasing out cash reserve requirement in 1992 and removed it in 1994. If you are interested, see BOC Working Paper 97-8 (April 1997) "Implementation of Monetary Policy in a Regime with Zero Reserve Requirements" by Kevin Clinton

      Delete
  4. The RRR for WEST AFRICAN STATES is at 3.00% since 16 marsh 2017.

    ReplyDelete
    Replies
    1. You're correct. I see the decision from March 1. Thank you for contacting me.

      Delete
  5. Where are you getting these data from?
    ~ why is there no info for Australia, UK, Switzerland, New Zealand and Japan?

    ReplyDelete
    Replies
    1. Figures come from central banks themselves. Some countries, such as UK, don't use reserve ratios.

      Delete
  6. Thank you for your useful information.
    I think the minimum reserve rate for the EU is 1 percent since January 2012. www.ecb.europa.eu/mopo/implement/mr/html/calc.en.html

    ReplyDelete
    Replies
    1. Thank you very much for the comment, the ECB figure has been updated, with ratio and beginning of the maintenance period

      Delete