RBZ lifts ban on bank lending

Harare (New Ziana)-The Reserve Bank of Zimbabwe (RBZ) on Tuesday lifted, with immediate effect, its temporary suspension of lending services by banks.

The bank however said the suspension does not apply to entities currently under investigation by the Financial Intelligence Unit for abusing loan facilities.

“Further to the circular, the Reserve Bank of Zimbabwe issued the banks on 9 May 2022, the bank wishes to advise the public that the temporary suspension of lending services by banks has been lifted with immediate effect.

“The lifting of the suspension does not apply to those entities that are under investigation by the Financial Intelligence Unit for abusing loan facilities to the detriment of the economy. The FIU has accordingly advised all banks of the affected entities,” said RBZ governor Dr John Mangudya in a statement.

President Mnangagwa recently announced the ban of bank lending services in a bid to save the value of the Zimbabwean dollar and stabilising the exchange rate which was reportedly pushed upwards by loans.

New Ziana