Zimbabwe: Banks in Panic Mode

From Economic Views from Zimbabwe Thu Nov 29 2012, 08:47:00

Zimbabwe: Banks in Panic Mode

Most commercial banks in Zimbabwe are believed to have plunged into panic mode after Finance Minister Tendai Biti announced plans to introduce measures that could eat into a substantial chunk of the financial institutions' income. Sources in the banking sector said the Bankers Association of Zimbabwe has since engaged Reserve Bank of Zimbabwe Governor Gideon Gono for a Memorandum of Understanding around a number of burning issues. Discussions are likely to revolve around the issues of lending, interest and savings rates and bank charges among a host of other matters.

Treasury also wants banks to agree with the RBZ on a framework for lending rates, but with a 10 percent cap above cost of funding. But the most contentious aspect of discussions is likely to centre on the directive that banks should not levy deposits below US$800.

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