Zimbabwe Central Bank Says Lending Freeze Is Temporary
May 11, 2022 ·
52s
Zimbabwe’s central bank governor John Mangudya says the freeze on bank lending is a temporary measure which is meant to contain inflation and stabilise its economy, President Emmerson Mnangagwa ordered...
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Zimbabwe’s central bank governor John Mangudya says the freeze on bank lending is a temporary measure which is meant to contain inflation and stabilise its economy,
President Emmerson Mnangagwa ordered the suspension with immediate effect, saying the move was meant to stop speculation against the Zimbabwean dollar, which has been rapidly devalued on a thriving black market.
Zimbabwe’s inflation has started to rise again, with year-on-year inflation at 96% in April, up from 61% at the beginning of the year, mainly due to a rapidly weakening local currency.
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President Emmerson Mnangagwa ordered the suspension with immediate effect, saying the move was meant to stop speculation against the Zimbabwean dollar, which has been rapidly devalued on a thriving black market.
Zimbabwe’s inflation has started to rise again, with year-on-year inflation at 96% in April, up from 61% at the beginning of the year, mainly due to a rapidly weakening local currency.
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