Zimbabwe: Banks in Panic Mode

From Economic Views from Zimbabwe Thu Nov 29 2012, 03:47:00

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.

[view whole blog post ]
 See More    |     Report Abuse

People and Organizations:


You might also be interested in the following news stories:

Africa:   Will 'Power Africa' Help Grow Sustainable Energy? (guest column)
allAfrica.com
31 July 2014

Energy is recognised as a priority issue in the growing United States partnership with Africa, and is among the key themes of the U.S.-Africa Business Forum  being organised as an important core ... [read more]

Mozambique:   Maputo Peace Deal Delayed (news)
Deutsche Welle
30 July 2014

The low level conflict between Mozambique's former civil war foes escalated recently, but now there is fresh hope of peace in the East African country. However, a deal has been postponed. [read more]

Liberia:   Ebola Survivor Repays American Doctor's Compassion (news)
Samaritan's Purse
30 July 2014

Dr. Kent Brantly and Nancy Writebol are in stable but grave condition. Dr. Brantly took a slight turn for the worse overnight. But even as he battles to survive Ebola, he received a remarkable gift ... [read more]



blogAfrica is allAfrica.com's platform to help you keep an ear on the African blogosphere. We draw diverse voices from around the world who post regularly and insightfully about African issues. Bloggers, submit your blog's rss-feed!