Chaza ukuncitshiswa kwemali ngobungakanani ngamanqaku amathathu okanye ngaphantsi.
Context:Ukwehliswa kwemali (QE) linyathelo lomgaqo-nkqubo wemali apho ibhanki esembindini ithenga izixa ezimiselwe kwangaphambili zeebhondi zikarhulumente okanye ezinye iiasethi zemali ngenjongo yokukhuthaza umsebenzi wezoqoqosho. Ukurhoxiswa kwemali ngobungakanani luhlobo olutsha lomgaqo-nkqubo wemali owaqala ukusetyenziswa ngokubanzi emva kwengxaki yemali yowama-2007-2008. Injongo yayo kukunciphisa ukudodobala kwezoqoqosho xa ukunyuka kwamaxabiso kuncinci kakhulu okanye kungalunganga, nto leyo eyenza ukuba umgaqo-nkqubo wemali oqhelekileyo ungasebenzi. Uxinzelelo lobungakanani (QT) lwenza okuchaseneyo, apho ngenxa yezizathu zomgaqo-nkqubo wemali, ibhanki esembindini ithengisa inxalenye yezibophelelo zikarhulumente okanye ezinye iiasethi zemali.  Ngokufana neentengiselwano eziqhelekileyo zemarike evulekileyo ezisetyenziselwa ukuphumeza umgaqo-nkqubo wemali, ibhanki esembindini iphumeza ukukhululeka kokuninzi ngokuthenga iiasethi zemali kwiibhanki zorhwebo nakwamanye amaziko emali, ngaloo ndlela inyusa amaxabiso ezo asethi zemali kwaye inciphise imbuyekezo yazo, ngelixa kwangaxeshanye inyusa ubonelelo lwemali. Nangona kunjalo, ngokungafaniyo nomgaqo-nkqubo oqhelekileyo, ukuncitshiswa okuninzi ngokuqhelekileyo kubandakanya ukuthengwa kweempahla ezinobungozi okanye ixesha elide (kunokuba iibhondi zikarhulumente zexesha elifutshane) zexabiso elimiselwe kwangaphambili kwinqanaba elikhulu, kwithuba elizibophezele ngaphambili.  Iibhanki eziphambili zihlala zisebenzisa ukuncitshiswa kwemali xa izinga lenzala elijoliswe kulo lisondela okanye lifikelela ku-zero. Amazinga enzala asezantsi kakhulu akhokelela kumgibe wokunikezelwa kwemali, imeko apho abantu bakhetha ukubamba imali okanye iiasethi ezinamanzi kakhulu, ngenxa yembuyekezo ephantsi kwezinye iiasethi zemali. Oku kwenza ukuba kube nzima ukuba amazinga enzala ehle ngaphantsi kwe zero; amagunya ezezimali angasebenzisa ukuncitshiswa okuninzi ukukhuthaza uqoqosho endaweni yokuzama ukunciphisa inzala ngakumbi.  Ukuthotywa kwemali kunganceda ukukhupha uqoqosho kwimeko yokudodobala kwaye kuncede ekuqinisekiseni ukuba ukunyuka kwamaxabiso akuweli ngaphantsi kwenjongo yokunyuka kwamaxabiso ebekwe yibhanki esembindini. Nangona kunjalo iinkqubo zeQE zikwakhona ukugxekwa ngenxa yeziphumo zazo ezingezizo kunye nemingcipheko, equka umgaqo-nkqubo wokusebenza ngempumelelo ngakumbi kunoko bekucwangcisiwe ekusebenzeni ngokuchasene nokwehla kwamandla emali (ekhokelela kunyuko lwamaxabiso kwithuba elide), okanye ukungaphumeleli ngokwaneleyo ukuba iibhanki zihlala zingafuni ukubolekisa kwaye abo bangabolekisi bangafuni ukuboleka. Ukuthotywa kwemali kuye kwagxekwa ngenxa yokunyusa amaxabiso ezinto zemali, nto leyo ebangela ukungalingani. Ukuthotywa kwemali kwaqaliswa ziibhanki eziphambili zehlabathi jikelele emva kwengxaki yemali yehlabathi ka-2007/08, kwaye kwakhona ukuphendula ubhubhane we-COVID-19.
1- Ukwehliswa kwemali (QE) linyathelo lomgaqo-nkqubo wemali apho urhulumente athenga khona iibhondi nezinye iiasethi ukugcina inzala yexesha elide isezantsi ukukhuthaza uqoqosho.  2- Yaziswa emva kwengxaki enkulu yemali (GFC) ngo-2008.  3- Inegalelo kukungalingani ngokufumana iiasethi zemali.