News Formal

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

  • 📰 TimesLIVE
  • ⏱ Reading Time:
  • 34 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 17%
  • Publisher: 59%

Sverige Nyheter Nyheter

Sverige Senaste nytt,Sverige Rubriker

Zimbabwe'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.

“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.

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. 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.

An official of the Bankers Association of Zimbabwe told Reuters it would comment on the order to suspend lending only after a meeting with the central bank on Monday.

Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 28. in SE
 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.

You get what you vote for

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

Two new seasons of Business Talk in productionBusiness Talk – the online business talk show from BusinessTech – has two new seasons in production.
Källa: BusinessTechSA - 🏆 24. / 61 Läs mer »