Zimbabwe's bank lending freeze will worsen economic crisis — business chamber

“Surely, this is not an ideal measure to control the growth in broad money supply,” the Zimbabwe National Chamber of Commerce said in a statement.

“This legitimises a parallel banking system with usurious interest rates and no investor would be attracted to such an economy where lending can be suspended overnight.” President Emmerson Mnangagwa ordered banks to stop lending with immediate effect on Saturday, saying the unprecedented move was meant to stop speculation against the Zimbabwean dollar, which has been rapidly devalued on a thriving black market.

Before Mnangagwa's announcement, the Zimbabwean dollar was officially quoted at 165.94 against the US dollar, but had been trading at an exchange rate of between 330 and 400 to the greenback on the black market. On Monday, the official rate moved to 275.79 Zimbabwe dollars, according to the central bank website, after the government decided to use interbank market rates instead of a rate determined during the central bank's weekly auctions.

Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

Zimbabwe's bank lending freeze will worsen economic crisis — business chamberZimbabwe's decision to suspend bank lending in a desperate bid to arrest the rapid devaluation of its currency will worsen the economic crisis and expose borrowers to predatory loans, the country's business chamber said. You get what you vote for
Herkunft: TimesLIVE - 🏆 28. / 59 Weiterlesen »

How lending post-Covid can help your business recover | Fin24What do Microsoft, Airbnb, Netflix, MTV, General Electric and Disney have in common? They were all started during recessions. It’s a curious irony of life that many successful business begin during economically challenging times. But during these times society is also hungry for innovation, competitors may be fewer or vulnerable, people are looking for jobs and clients are looking to save money. What they have in common is the export of capitalism, the most deadly form of existence humanity has ever known. I think I'm one of the most happiest person on earth,I can't hold to this surprise alone, I will never stop to appreciate mr Geoffrey100k thanks for your good and honest work done I appreciate.....🙌
Herkunft: News24 - 🏆 4. / 80 Weiterlesen »