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 Jan. 20, 2022 with Ukraine and Indonesia)

COUNTRY CENTRAL BANK DATE  RATIO   PREVIOUS ALBANIA Bank of Albania 10.00% ANGOLA National Bank of Angola 23-Oct-19 22.00% 17.00% ARMENIA Central Bank of Armenia 24-Feb-14 2.00% 4.00% ARGENTINA Central Bank of Argentina 28-Sep-18 44.00% 41.00% ARUBA Centrale Bank van Aruba 3-Apr-20 7.00% 11.00% AZERBAIJAN Central Bank of the Rep. of Azerbaijan 1-Mar-15 0.50% 2.00% BANGLADESH Bangladesh Bank  24-Mar-20 5.00% 5.50% BARBADOS Central Bank of Barbados 5.00% BELARUS National Bank of the Rep. Of Belarus 16-Mar-16 7.50% 9.00% BRAZIL 2) Central Bank of Brazil 10-Mar-21 17.00% 31.00% BULGARIA Bulgarian National Bank  28-Nov-08 10.00% 12.00% CAMBODIA National Bank of Cambodia 17-Nov-21 7.00% 12.50% CAMEROON Bank of Central African States (BEAC) 7.00% 11.75% CAPE VERDE 3) Bank of Cape Verde 26-Mar-20 10.00% 13.00% CEN. AFRICAN REPUBLIC Bank of Central African States (BEAC) 7.00% CHAD Bank of Central African States (BEAC) 7.00% 7.75% CHINA 5) People's Bank of China 6-Dec-21 10.00% 10.50% DEM. REP. OF CONGO Central Bank of Congo 24-Mar-20 0.00% 2.00% REPUBLIC OF CONGO Bank of Central African States (BEAC) 7.00% 11.75% COSTA RICA Central Bank of Costa Rica 30-Jan-20 12.00% 15.00% CROATIA Croatian National Bank 11-Dec-13 12.00% 13.50% CZECH REPUBLIC Czech National Bank 20-May-99 2.00% 5.00% CURACAO & ST. MAARTEN Central Bank of Curacao and St. Maarten 4-Feb-20 19.00% 18.00% DENMARK National Bank of Denmark 2.00% EGYPT Central Bank of Egypt 3-Oct-17 14.00% 10.00% EQUATORIAL GUINEA Bank of Central African States (BEAC) 7.00% 11.75% ESWATINI Central Bank of Eswatini 20-Mar-20 5.00% 6.00% EURO AREA European Central Bank  18-Jan-12 1.00% 2.00% ETHIOPIA National Bank of Ethiopia 31-Aug-21 10.00% 5.00% FIJI Reserve Bank of Fiji 7-Jul-10 10.00% GABON Bank of Central African States (BEAC) 7.00% 11.75% GAMBIA Central Bank of The Gambia 28-May-20 13.00% 15.00% GEORGIA National Bank of Georgia 13-Jun-18 5.00% 7.00% GHANA Bank of Ghana 18-Mar-20 8.00% 10.00% GUATEMALA Bank of Guatemala  1-Jun-02 14.60% HUNGARY Central Bank of Hungary 1-Dec-15 2.10% 1.00% ICELAND 4) Central Bank of Iceland 11-Mar-20 0.00% 1.00% INDIA 1) Reserve Bank of India 4-Feb-21 4.00% 3.00% INDONESIA 8) Bank Indonesia 14-Apr-20 3.50% 5.50% IRAQ Central Bank of Iraq 1-Sep-10 15.00% ISRAEL Bank of Israel 6.00% JAMAICA Bank of Jamaica 15-May-20 5.00% 7.00% JORDAN Central Bank of Jordan 15-Mar-20 5.00% 7.00% KAZAKHSTAN National Bank of Kazakhstan 2.50% KENYA Central Bank of Kenya 23-Mar-20 4.25% 5.25% KYRGYZ REPUBLIC National Bank of the Kyrgyz Republic 14-Dec-15 4.00% 4.50% LIBERIA Central Bank of Liberia 25.00% 25.00% LITHUANIA Bank of Lithuania 3.00% MALAWI Reserve Bank of Malawi 3-Apr-20 3.75% 5.00% MALAYSIA Bank Negara Malaysia 19-Mar-20 2.00% 3.00% MALDIVES Maldives Monetary Authority 20-Aug-15 10.00% 20.00% MAURITIUS Central Bank of Mauritius 13-Mar-20 8.00% 9.00% MOLDOVA National Bank of Moldova 13-Jan-22 28.00% 26.00% MONGOLIA Bank of Mongolia 23-Nov-20 6.00% 8.50% MONTENEGRO Central Bank of Montenegro 12-May-20 5.50% 7.50% MOROCCO Bank of Morocco 26-Sep-19 2.00% 4.00% MOZAMBIQUE Bank of Mozambique 10-Sep-21 10.50% 11.50% NEPAL Nepal Rastra Bank 11-Jul-18 4.00% 6.00% NICARAGUA Central Bank of Nicaragua 15-Jun-18 10.00% 12.00% NIGERIA Central Bank of Nigeria 24-Jan-20 27.50% 22.50% NORTH MACEDONIA National Bank of the Rep. of Macedonia 9-Sep-13 8.00% PAKISTAN State Bank of Pakistan 12-Oct-12 3.00% 4.00% PAPUA NEW GUINEA Bank of Papua New Guinea  30-Mar-20 7.00% 10.00% PERU Central Reserve Bank of Peru 30-Apr-17 5.00% 6.00% PHILIPPINES Bangko Sentral ng Pilipinas 24-Mar-20 12.00% 15.00% POLAND National Bank of Poland 6-Oct-21 2.00% 0.50% QATAR Qatar Central Bank  16-Mar-17 4.50% 4.75% ROMANIA National Bank of Romania 6-May-15 8.00% 10.00% RUSSIA  Bank of Russia 27-Jun-16 5.00% 4.25% RWANDA National Bank of Rwanda 1-Apr-20 4.00% 5.00% SERBIA National Bank of Serbia 19-Jan-11 5.00% SEYCHELLES Central Bank of Seychelles 14-Jul-21 10.00% 13.00% SOLOMON ISLANDS Central Bank of Solomon Islands 15-Jun-20 5.00% 7.50% SOUTH AFRICA South African Reserve Bank 2.50% SOUTH SUDAN Bank of South Sudan 11-Jan-22 15.00% 20.00% SRI LANKA Central Bank of Sri Lanka 19-Aug-21 4.00% 2.00% SURINAME Centrale Bank van Suriname 4-Nov-15 35.00% 30.00% SWITZERLAND Swiss National Bank 2.50% TAIWAN Central Bank of the Rep. of China (Taiwan) 1-Jan-11 10.75% 12.00% TAJIKISTAN  National Bank of Tajikistan 28-Jan-21 3.00% 1.00% TANZANIA Bank of Tanzania 12-May-20 7.00% 7.00% TONGA Reserve Bank of Tonga 10.00% TRINIDAD & TOBAGO Central Bank of Trinidad & Tobago 17-Mar 14.00% 17.00% TUNISIA Central Bank of Tunisia 1.00% TURKEY Central Bank of Republic of Turkey 24-Feb-21 8.00% 6.00% UKRAINE 6) 7) National Bank of Ukraine 10-Mar-20 0.00% UNITED ARAB EMIRATES Central Bank of the UAE 5-Apr-20 7.00% 14.00% UNITED STATES   Federal Reserve  15-Mar-20 0.00% 3.00% URUGUAY Central Bank of Uruguay 1-Apr-13 25.00% 20.00% UZBEKISTAN Central Bank of the Rep. Of Uzbekistan 1-Jul-19 4.00% VENEZUELA Central Bank of Venezuela 25-Oct-13 19.00% 17.00% VIETNAM State Bank of Vietnam 1-Sep-11 3.00% WEST AFRICAN STATES Central Bank of West African States (BCEAO) 16-Mar-17 3.00% 5.00% ZAMBIA Bank of Zambia 9-Dec-19 9.00% 5.00% ZIMBABWE  Reserve Bank of Zimbabwe 28-Oct-21 10.00% 5.00% 1) CRR to be restored in 2 phases 2) Temporary cut on time deposits extended to Nov. 2021 from April 2021 3) minimum cash available ratio (DMC) 4) average requirement 5) for large financial institutions 6) From 3/10/20 reserves to depend on currency of borrowed funds rather than maturity 7) RR to be raised 2% in February 2022 8) RR to be increased in 3 steps, rising to 5.0% on 3/1/22, 6.0% on 6/1/22 and 6.5% on 9/1/22.

  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