Browsing: Chamber of Mines of Zimbabwe

The central bank kept the policy rate at 200 per cent saying it would be reviewed in line with developments in monthly inflation. The high rate is to ensure that it is not viable to borrow local currency to speculate in the black market or even buy gold coins.

With foreign currency-denominated loans now constituting more than half of the total banking sector loans, with effect from September 1, statutory reserve requirements would be extended to forex deposits at rates of 5 per cent for call deposits and 2,5 per cent for time and savings deposits to ensure continued soundness of the banking sector.

Foreign exchange retention thresholds have been maintained at 75 per cent for agricultural exporters and 100 per cent for tourism, recovering from the effects of Covid-19.