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Zimbabwean President Emmerson Mnangagwa said banks and companies involved in local currency manipulation and unjustifiable increases in the prices of goods and services could lose their operating licenses.
Banks have commenced trading in foreign currency at a rate of 2,5 to the United States dollar following the decision by the Reserve Bank of Zimbabwe (RBZ) to float the currency on Wednesday.
Zimbabwean financial institutions are rejecting 99-year lease agreements as collateral for issuing of loans to farmers, with Senators calling on government to make the instruments bankable.
HARARE – Zimbabwe Stock Exchange-listed financial group, First Mutual Holdings Limited (FMHL), has lost $1,8 million to collapsed banks.
The invention and widespread use of mobile phones in Africa and Zimbabwe in particular has greatly revolutionised lives of many people. The young and the elderly all converse in unprecedented ways than their predecessors.
This is what many Zimbabweans are having to endure as the cash crunch in the country bites even more. This was the scene at MetBank in Bulawayo (Robert Mugabe Road and 9th Avenue) as customers queued from Monday through to Tuesday trying to withdraw their money.
Mobile payments are seeing slow uptake among Zimbabwean banks, indicating a need for higher levels of integration.
Zimbabwe’s government plans to use some of the revenue from the sale of its rough diamonds to reinstitute grants for students, the University World News reports.