{"id":13905,"date":"2019-09-22T20:33:00","date_gmt":"2019-09-22T18:33:00","guid":{"rendered":"https:\/\/www.africa-press.com\/zimbabwe\/?p=13905"},"modified":"2019-09-22T20:33:00","modified_gmt":"2019-09-22T18:33:00","slug":"rbz-offers-banks-cheap-money-to-increase-private-sector-lending-2","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/rbz-offers-banks-cheap-money-to-increase-private-sector-lending-2","title":{"rendered":"RBZ offers banks cheap money to increase private sector lending"},"content":{"rendered":"

THE Reserve bank of Zimbabwe<\/a> (RBZ) has moved to offer banking institutions in country a cheaper financing facility in a bid to boost credit availability to the private sector and support economic growth .<\/p>\n

RBZ Governor John Mangudya speaking at the recent Monetary Policy Statement launch expressed concern about the depressed levels of productivity and their implications on both exchange rate stability as well as potential output of the economy.<\/p>\n

\u201cIn this regard, and consistent with the monetary targeting framework, the bank will introduce measures and incentives to encourage banks to increase long term lending to enhance credit to the private sector to support economic growth.<\/p>\n

\u201cUnder this framework, banking institutions with loan maturities of above two years in their loan portfolios will be able to use their commercial loan instruments as collateral for borrowing from the Reserve Bank,\u201d Mangudya said.<\/p>\n

The Central Bank Governor said this measure is meant to break the cycle of short-termism in the credit market as well as encourage banks to promote long term savings on their portfolios.<\/p>\n

In addition, the RBZ will also be deepening financial inclusion, particularly aimed at enhancing access to finance by small to medium enterprises given their growing role in the economy.<\/p>\n

\u201cThe Bank shall, therefore, only intervene on a targeted basis to support the productive sectors of the economy under its special productive sector financing window in its role as the lender of last resort to stimulate economic activity,\u201d Mangudya said.<\/p>\n

The interest rate under the productive sector financing window shall be linked to the Treasury Bill rate as determined by the market.<\/p>\n

According to the Central Bank\u2019s latest monthly economic review, the distribution of credit to the private sector is currently dominated by households constituting 20% ; agriculture 21 %; distribution 12 %; services 9 %; manufacturing 8 %; financial organisations and investments 19 %; mining 7 %; transport and communications 2 %; and construction 0.67%.<\/p>\n

Zimbabwe\u2019s private sector has grappled with foreign currency shortages which has reached critical levels.<\/p>\n

Most companies that have so far reported their financial performance for the first half of 2019 have expressed pessimism over the possibilities of positive productive out turn going forward.<\/p>\n","protected":false},"excerpt":{"rendered":"

THE Reserve bank of Zimbabwe (RBZ) has moved to offer banking institutions in country a cheaper financing facility in a bid to boost credit availability to the private sector and support economic growth . RBZ Governor John Mangudya speaking at the recent Monetary Policy Statement launch expressed concern about the depressed levels of productivity and […]<\/p>\n","protected":false},"author":84,"featured_media":4144,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[354,450,653],"class_list":{"0":"post-13905","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-gdp","10":"tag-mangudya","11":"tag-rbz"},"yoast_head":"\nRBZ offers banks cheap money to increase private sector lending - zimbabwe<\/title>\n<meta name=\"description\" content=\"THE Reserve of Zimbabwe (RBZ) has moved to offer banking institutions in country a cheaper financing facility in a bid to boost credit\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-offers-banks-cheap-money-to-increase-private-sector-lending-2\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBZ offers banks cheap money to increase private sector lending\" \/>\n<meta property=\"og:description\" content=\"THE Reserve of Zimbabwe (RBZ) has moved to offer banking institutions in country a cheaper financing facility in a bid to boost credit\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-offers-banks-cheap-money-to-increase-private-sector-lending-2\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-22T18:33:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/upload\/sites\/14\/2019\/02\/JOHN-MANGUDYA-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2400\" \/>\n\t<meta property=\"og:image:height\" content=\"1368\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-offers-banks-cheap-money-to-increase-private-sector-lending-2\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-offers-banks-cheap-money-to-increase-private-sector-lending-2\",\"name\":\"RBZ offers banks cheap money to increase private sector lending - 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