Trending
- Kenya-Ethiopia Trade Relations: Legislators Advocate for Policy Alignment to Boost Ties
- Visualising the state of debt in Africa 2024
- Abu Dhabi radiates optimism as over 300 startups join AIM Congress 2024
- TLcom Capital Raises $154 million in Funding to Boost Its African Growth
- Africa’s $824Bn debt, resource-backed opaque loans slowing growth — AfDB
- LB Investment brings $1.2 trillion portfolio display to AIM Congress spotlight
- AmCham Summit kicks off, setting course for robust future of US-East Africa trade ties
- Why the UN is raising the red flag on the UK-Rwanda asylum treaty
Browsing: Mosi-oa-Tunya gold coins
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.…