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Zimbabwe Suspended Bank Lending

President Emmerson Mnangagwa Announcing Suspension on Bank Lending
Photo: Collected

Zimbabwe’s government ordered banks to suspend lending immediately, citing the need to stop speculation against the Zimbabwean dollar as a slew of measures to halt the currency’s rapid depreciation on the black market. After being struck by hyperinflation in 2009, the southern African country revived a local currency in 2019. The article is about Zimbabwe Suspended Bank Lending.

However, the Zimbabwean dollar, officially quoted at 165.94 against the US dollar, has continued to slide on the black market, trading between 330 and 400 to the greenback. From around 200 Zimbabwe dollars at the start of the year, the black market exchange rate has increased.

President of Zimbabwe, Emmerson Mnangagwa announced measures on May 7, 2022, to halve the currency’s devaluation, which he said was endangering Zimbabwe’s economic stability.

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