RBZ pushes banks to cut lending rates

HARARE, Aug. 25 (NewsDay Live) — The Reserve Bank of Zimbabwe (RBZ) has urged commercial banks to reduce lending rates in line with recent cuts to the central bank’s policy rate, saying monetary easing must translate into cheaper credit for businesses and productive sectors.

In a statement yesterday, RBZ governor John Mushayavanhu said the reduction in the bank policy rate should be reflected in the lending rates charged by commercial banks.

This story is for NewsDay subscribers.