Outrage in Zimbabwe as banks “garnish” millions from US dollar accounts
In a move that has sparked widespread outrage, Zimbabwean banks have begun deducting millions of US dollars from clients’ accounts, citing the Intermediated Money Transfer Tax (IMTT) introduced by Finance Minister Mthuli Ncube in 2020. Clients of banks such as CBZ Holdings and Nedbank Zimbabwe have reported waking up to find thousands of US dollars missing from their accounts without prior warning or clear communication from the banks.