Zimbabwe: RBZ Lifts Suspension On Lending

The Reserve Bank of Zimbabwe (RBZ) has, with immediate effect, lifted the temporary suspension of lending services by banks issued through a circular on May 9, 2022.

The lifting of the suspension, however, excludes entities under probe by the central bank for malpractices involving loans, the RBZ said in a statement today.

“The lifting of the suspension does not apply to those entities that are under investigation by the Financial Intelligence Unit (FIU) for abusing loan facilities to the detriment of the economy. The FIU has accordingly advised all banks of the affected entities,” read the statement.

On May 7, President Mnangagwa announced a raft of measures to stabilise the Zimbabwe dollar and restore sanity in the market.

These measures included the suspension of lending by banks to the Government, corporates and individuals to curb the growth in money supply.

Source:

Leave a Reply

Your email address will not be published.