Zimbabwe lifts ban on bank lending it imposed to stop currency slide

Zimbabwe has lifted its ban on bank lending, the central bank announced on Tuesday, more than a week after the government froze loans in a move it said was meant to stop speculation against a rapidly devaluing local currency.

“The bank wishes to advise the public that the temporary suspension of lending services by banks has been lifted with immediate effect,” the central bank said in a statement. Business groups had warned that the lending freeze would hurt commerce and worsen Zimbabwe’s economic crisis. Last week, SA’s Tongaat Hulett suspended prepayments to sugar cane farmers, saying it relied on bank loans to fund the payments.

Source: News Formal (newsformal.com)

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