Slider

RBZ says banks’ lending ban temporary

Published

3 years ago

May 10, 2022

BY NELSON BANYA

Zimbabwe’s freeze on bank lending is a temporary measure which is meant to contain inflation and stabilise its economy, central bank governor John Mangudya told state television on Tuesday.

President Emmerson Mnangagwa on Saturday ordered the suspension with immediate effect, saying the move was meant to stop speculation against the Zimbabwean dollar, which has been rapidly devalued on a thriving black market.

“We know this is a painful, but necessary, measure. It was necessary because of the increase in inflation.

“Some entities were now using funds from banks to purchase foreign currency,” Mangudya told the ZBC.

“It’s a temporary, necessary measure to ensure that there is sanity in terms of taming inflation.”

Zimbabwe’s inflation has started to rise again, with year-on-year inflation at 96 percent in April, up from 61 percent at the beginning of the year, mainly due to a rapidly weakening local currency.

Analysts said in a research note that the lending freeze threatens the survival of the country’s banks.

“The government is using a blunt approach to try and address a long-standing currency conundrum,” the analysts said, adding: “Banning lending activities will threaten survival of banks as this will wipe out 20-50 percent of their incomes.”

The BancABC note said that the freeze could lead to shortages of goods, further price increases and job losses. – Reuters

Up Next

60 Zimbabweans killed by elephants

Don't Miss

Hwange to host regional summit on ivory trade ban

Click to comment

National

Zimbabwe Republic Police officer faces charges for allegedly claiming to be ZRP boss

Published

11 hours ago

August 15, 2025

VicFallsLive

BY STAFF REPORTER

A Zimbabwe Republic Police (ZRP) officer appeared in court today facing charges of causing disaffection among police officers, procuring the use of a motor vehicle by fraud, and transmitting false data messages intending to cause harm.

Simbarashe Mandizvidza, an Assistant Inspector in the ZRP, was remanded in custody to Monday, when he will apply for bail.

According to the State, Mandizvidza on August 14, broadcast a video on his YouTube channel, Gondo Harishaye, claiming to be the head of the ZRP, despite knowing that Commissioner General Stephen Mutamba holds the position.

The State alleges that Mandizvidza’s actions were intended to cause disaffection among police officers, contrary to Section 30 of the Criminal Law (Codification and Reform) Act, Chapter 9:23.

Mandizvidza is also accused of procuring the use of a Ford Ranger vehicle by misrepresenting to Chief Inspector Chiteure that he had been instructed by Commissioner Makomo to use the vehicle for errands.

Furthermore, the State alleges that Mandizvidza transmitted false data messages on his YouTube channel, including claims that the ZRP Traffic section had been temporarily disbanded and that Chinese nationals must leave Zimbabwe within 48 hours.

The State indicated that it will oppose Mandizvidza’s bail application, citing the seriousness of the offenses and the need to protect the public interest.

The case continues on Monday.

In the community

Chief Mvutu installation underway

Published

22 hours ago

August 15, 2025

VicFallsLive

BY NOKUTHABA DLAMINI

Hwange District is bracing for a historic event today as Chief Mvutu is officially installed as the new substantive chief.

The installation ceremony, which comes eleven years after the passing of Silibaziso Mlotshwa’s father in 2014, is featuring speeches, entertainment, and traditional greetings.

According to the programme, the ceremony will commence with the arrival of invited guests, followed by the arrival of distinguished guests.

The event will feature speeches by various dignitaries, including Richard Moyo, Minister of State for Provincial Affairs and Devolution, and Senator Chief Mtshane Khumalo, President of the National Council of Chiefs.

Other highlights of the ceremony include the investiture of Chief Mvutu, the paying of allegiance by village heads, and the presentation of gifts.

The installation ceremony marks a significant milestone in the district’s history, bringing to an end a protracted dispute over the chieftainship.

The event is expected to attract dignitaries, community leaders, and residents from across the district.

In the community

Nkayi man in court for alleged rape of minor

Published

22 hours ago

August 15, 2025

VicFallsLive

BY NOKUTHABA DLAMINI

A 28-year-old man from Nkayi appeared before the Nkayi Magistrates’ Court, facing charges of raping his 15-year-old niece.

The prosecution alleges that the incident occurred on July 28, 2025, in a secluded bushy area. The accused is said to have sexually assaulted the minor after she refused his advances.

The matter was reported to the authorities, leading to the accused’s arrest. He has been remanded in custody pending his next court appearance.

The case has been referred to the Bulawayo Regional Court for further proceedings, with the accused set to appear on August 26.