The Sunday Mail
Africa Moyo
THE Reserve Bank of Zimbabwe is expected to present its 2015 Monetary Policy Review Statement on August 5.
The statement comes at a time interest rates on working capital from local financial institutions are pegged at between 15 percent and 30 percent, which is beyond the reach of many, resulting in low capacity utilisation and company closures.
There has been noticeable progress in slashing non-performing loans from 16,5 percent to 14 percent due to bank closures and the assumption of US$65 million worth of bad debts by Zamco.
Economist and Zimbabwe National Chamber of Commerce chief executive Mr Christopher Mugaga said last week it was important to establish how far Zamco had gone in ridding bank balance sheets of toxic assets.
“Also, since Sedco (the Small Enterprises Development Corporation) is now governed under the banking laws defined by RBZ, what is it that we will expect from Sedco . . . given that SMEs are slowly but surely taking over the business landscape in the country,” added Mr Mugaga.
