RBZ governor Dr John Mangudya in his maiden Monetary Policy Statement under the theme, "Back to Basics" chronologically analyses the causes and effects of the economic challenges that are besetting the economy and comes up with a wide range of policy measures that should help resuscitate the economy.
He said sustainable growth will only come if the country identifies and works around quick wins or low hanging fruits spelt out in Zim-Asset.
"Enhancement of production through quick wins would need the nation to embrace the philosophy of building around the operating companies and not mending what is not broken. This is necessary for the quick recovery of the economy," said Dr Mangudya.
The Governor announced the setting up of a three-tier system when considering minimum capital requirements. Under tier 1, which will comprise large commercial indigenous banks and all foreign banks, the minimum capital requirement currently at
Under tier 2, minimum capital requirements will remain at
However, the level of non-performing loans has risen to 18,5 percent as at
ZAMCO will be funded by a combination of non-funded lines of credit, new inflows, long-term bonds and treasury bills. NPLs in an amount of
On bank charges, Dr Mangudya said the
Dr Mangudya also unveiled measures to buttress the multiple currency system as clearly spelt out in Zim-Asset.
"We will also mobilise financial resources to support the economy through enhancing gold production and for the lender of last resort function."
The RBZ has also provided amnesty to previous offenders of the Exchange Control Policy to trade market discipline and self-regulation.
"This is necessary to ensure that going forward market participants start on a clean slate and that going forward the bank shall be imposing penalties for non-compliance with policy."
Dr Mangudya also reviewed the threshold of offshore loans to be approved at the banks' level to
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