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Breaking News: Pres Mnangagwa Suspends Lending By Banks

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Pres ED Mnangagwa

“In order to minimise the creation of broad money that is prone to abuse for purposes of manipulating the exchange rate for financial gains, and to allow current investigations, lending by banks to both government and the private sector is hereby suspended with immediate effect, until further notice,” President Emmerson Mnangagwa said Saturday evening.

 

 

Suspension of Third-Party country payment on foreign Payments

“On order to continue to foster market discipline within the foreign payment, banks shall, with immediate effect, not process Third-Party country foreign payments.”

 

 

“Third-Party foreign payments are susceptible to illicit financial flows which prejudice the country of its hard-earned foreign currency resources.”

 

 

 

Enhancing Market Discipline

 

 

“The security agents of government and the financial intelligence shall, with immediate effect, enhance their roles to effectively monitor financial transactions in order to address the delinquent arbitrage behaviour in the economy,”

More details coming

Robert Tapfumaneyi