Highlights from the 2017 Monetary Policy Statement presentation

 

Highlights

• Zimbabweans spent $27 million on airfares in the 6 months from July to December 2016.
• Zimbabweans reportedly spent more money on DSTV subscriptions than on raw materials to produce cooking oil.
• The Bank directed financial institutions to strictly observe the policy to deposit bond notes into the US$ accounts without requesting the banking public to differentiate between bond notes and US$ cash.
• The RBZ introduced a $70 million foreign exchange stabilisation facility of $70 million to deal with delays in the processing of payments to foreign suppliers.
• The introduction of a US$15 Million Revolving Women Empowerment Fund to support projects owned or managed by women with an interest rate of 10 percent.  The framework for how it will work is still being finalized.
• The introduction of Educational Support Facility for students pursuing studies at the Higher Education and Tertiary Institutions to begin in August 2017.
• With effect from 1st April 2017, all banking institutions are required to ensure that lending interest rates should not exceed 12% per annum and that bank charges that include application fees, facility fees and administration fee, should not exceed 3%.
• Bank Charges

Download the full monetary statement here