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Oliver Kazunga, Senior Business Reporter
The Reserve Bank of Zimbabwe says the ballooning Real Time Gross Settlement (RTGS) account balances at banks are an indicator of lack of lending by mainstream financial institutions.
Responding to questions from the floor during the ZimTrade-Banks breakfast seminar in Bulawayo last Wednesday, RBZ financial markets main division economist Mr Tapiwa Furusa said banks were taking care of money to the central bank
Mr. Furusa said the RBZ was working on boosting productivity.
"The central bank does not pay the banks They have a lot of interest in making money, but they are happy to keep it that way.
"They We have not been able to say that we have such a large number of accounts that we are holding these balances at the Reserve Bank, which they are not lending to you (companies), "he said.
Given such a circumstance, Mr Furusa said RBZ was working on measures to take the banks' idle RTGS balances to create various lending facilities to ensure productivity in the economy.
The central bank recently came up with 14 facilities
The schemes include the $ 200 million export finance facility, women empowerment fund ($ 15 million), business linkage facility ($ 10 million), microfinance revolving facility of ($ 10 million), tourism support facility ($ 15 million), gold support facility ($ 150 million), cross border facility ($ 15 million), tobacco export finance facility ($ 70 million), horticulture facility ($ 10 million), youth empowerment fund ($ 10 million), soybeans facility ($ 21.51 million) and the $ 5 million facility for persons with disability.
Mr Furusa said the central bank was forced to intervene because banks were (19659006) "The banks' is a business unit which is a business unit." d, s, id) {
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