Africa Business News

The Reserve Bank of Zimbabwe Mid-Term Monetary Policy Statement review has established that US$-US$-denominated loans extended by the local banking sector constituted 94% on the back of an eight-fold increase of total loan advances. The MPS commended the role being played by the banking sector in the development of the economy through financial support extended to private companies. The total loans to total deposit ratio for the banking sector remained relatively stable at 55% as of 30 June 2023 from 55.67% at the end of 2022. Loans extended to the productive sectors constituted 77.6%, Consumptive Loans 12%, and Other 10,2% of total loans as of 30 June 2023.