Save time by listening to our audio articles as you multitaskThe rationale appears to be that people have been borrowing money to bet against the Zimbabwe dollar. Others suspect that Mr Mnangagwa wants a scapegoat for the mess his country is in, and bashing bankers pleases voters. “It is absolute madness,” says Tendai Biti, an opposition politician and former finance minister. “Finance is the oxygen of industry. The business of banking is lending.” Banning it is unconstitutional, he adds.
The president’s response has been erratic. He blames “economic hitmen” and “saboteurs” for the country’s distress. He has slapped fines on firms that refuse to accept the local currency, and sometimes says he will ban the use of the American dollar entirely. Now he is imposing currency controls, and a confusing list of other rules, to “stabilise” the economy. None of this has persuaded Zimbabweans to embrace the Zimbabwe dollar.dollars.
Money-printing drives inflation, which saps the Zimbabwe dollar’s value. Meanwhile, Mr Mnangagwa insists on skewed exchange rates. Exporters must typically surrender 40% of their proceeds at the confiscatory official rate. A lucky few can buy these dollars for less than half what they are worth. In theory, they go to importers of essential things such as fuel, medicine and farm supplies. But a fat chunk goes to well-connected types.
People in the U.S.A are seeking compensation for slavery. Am sure their research as lead them to learn who sold them into slavery. We know Americams set them free. The other way to get money is simply by working. A process of following direction and using knowledge and skill.
Upliftment of Temporary Suspension of Lending by Banks. 22h ago Keep up
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It should invest in farms straight away instead of restoring buildings that can wait
Wtf, this ain't go fund me. How they gonna make money?
'We buy worn out U$D and old notes'. I'm in zim if you give them a torn 100usd they'll give you 50usd.