33. Monetary Policy Board to prescribe reserve ratios

The Monetary Policy Board shall prescribe the reserve ratios applicable to each class of deposit liabilities and each category of other financial liabilities against which reserves are required to be maintained under subsection (1)

Where any licensed commercial bank or relevant financial institution is required to maintain a reserve against any class of deposit liabilities or any category of other financial liabilities, the Central Bank shall, if so determined by the Monetary Policy Board, in the interest of the national economy and the banking and financial systems of the country, pay to such licensed commercial bank or relevant financial institution, as the case may be, interest at such rate as may be determined by the Monetary Policy Board, on the amount maintained as a reserve or a part thereof.

Where the reserves maintained by any licensed commercial bank or relevant financial institution are below the reserves required to be maintained by such licensed commercial bank or relevant financial institution, such licensed commercial bank or relevant financial institution shall pay to the Central Bank, an interest on the amount of the deficiency at such rate as may be determined by the