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:

Nigeria:   'Abduction of School Girls, a Setback for Girl-Child Education' (news)
Vanguard
18 April 2014

The Foundation for the Victims of Child Abuse, (VCAF), has warned that the abduction of school girls could discourage parents from embracing girl-child education. [read more]

Cote d'Ivoire:   Total Discovers Oil in Coast of Cote d'Ivoire (news)
Vanguard
18 April 2014

French oil group, Total, has announced the detection of oil in the deep water off the coast of Cote d'Ivoire. [read more]

Africa:   Rescued Abducted Girls' Figure Rises to 20 (news)
Leadership
18 April 2014

Borno State Commissioner for Education, Hon. Musa Inuwa Kubo, on Thursday night told journalists by telephone that that the number of girls that escaped the Boko Haram captivity had now risen to 20. [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!