As regulators, we have closely monitored the developments in the industry’s Non-Performing Loans (NPLs) and I must say that in spite of the improvements made through the enforcement of our loan write-off policy, the NPL ratio  Page | 7  remains high at 18.76 percent as at end March 2019.
This level by all measures is not acceptable and more work is needed in this area. The high NPL situation has implications for the effectiveness of monetary policy conduct as it acts to impede the transmission mechanism.