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Top German bank cuts ties with Zimbabwe’s Stanbic

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BY RAY NDLOVU AND ROXANNE HENDERSON

Germany’s Deutsche Bank has cut correspondent banking ties with Standard Bank Group Ltd’s Zimbabwean unit, dealing a body-blow to one of the few remaining international banking providers operational in the southern African nation.

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Stanbic Bank Zimbabwe Ltd as the local unit is known, is the latest lender to have its United States dollar correspondent banking services — which are key to facilitating foreign currency exchange and payments — terminated by an international bank.

“Deutsche Bank were no longer able to support the clearing of a few of our US dollar based services,” the lender said in an August 30 emailed response to questions.

No reasons were given for the termination. Deutsche Bank declined to comment.

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The Reserve Bank of Zimbabwe estimates that at least 102 correspondent banking relationships were lost over the last decade because of the country’s perceived high risk due to sanctions.

Stanbic Bank, which counts among its clients major exporters, non-governmental organizations and embassies, said it now operates a US dollar correspondent banking relationship through its parent company in South Africa.

Deutsche Bank for years has been pulling back from offering correspondent banking as the costs to ensure compliance with know-your-clients rules have increased.

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It has also been exposed to regulatory actions for acting as a correspondent bank for Danske’s Estonia unit while suspicious transactions from Russia were flowing through that lender. – Bloombergny’s Deutsche Bank has cut correspondent banking ties with Standard Bank Group Ltd’s Zimbabwean unit, dealing a body-blow to one of the few remaining international banking providers operational in the southern African nation.

Stanbic Bank Zimbabwe Ltd as the local unit is known, is the latest lender to have its United States dollar correspondent banking services — which are key to facilitating foreign currency exchange and payments — terminated by an international bank.

“Deutsche Bank were no longer able to support the clearing of a few of our US dollar based services,” the lender said in an August 30 emailed response to questions.

Advertisement

No reasons were given for the termination. Deutsche Bank declined to comment.

The Reserve Bank of Zimbabwe estimates that at least 102 correspondent banking relationships were lost over the last decade because of the country’s perceived high risk due to sanctions.

Stanbic Bank, which counts among its clients major exporters, non-governmental organizations and embassies, said it now operates a US dollar correspondent banking relationship through its parent company in South Africa.

Advertisement

Deutsche Bank for years has been pulling back from offering correspondent banking as the costs to ensure compliance with know-your-clients rules have increased.

It has also been exposed to regulatory actions for acting as a correspondent bank for Danske’s Estonia unit while suspicious transactions from Russia were flowing through that lender. – Bloomberg

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Renowned conservationist Alan Elliott passes away at 86

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BY NOKUTHABA DLAMINI

The conservation world is mourning the loss of Alan Elliott, a pioneering conservationist and tourism operator who passed away this morning around 2AM at Materdei Hospital in Bulawayo.

Elliott, affectionately known as “Mandebele,” was 86 years old.

Photo by Charlene Hewat

Elliott’s contributions to conservation and tourism in Zimbabwe are immeasurable. He was one of the first people to bring tourism to Hwange, Zimbabwe’s largest national park, and founded Touch the Wild, a tourism operation that hosted numerous celebrities, including the Queen and Prince Philip.

We then contacted Charlene Hewat, a close associate of Elliott’s Presidential Elephant Research Trust (PERT), to explain further about his conservation work. Hewat described Elliott as an extraordinary conservationist who dedicated his life to protecting elephants. “Alan’s legacy is imprinted on the wild landscapes he loved so dearly and protected so fiercely,” Hewat said in a Facebook post.

In an interview, Hewat elaborated on Elliott’s work, highlighting his efforts to protect elephants in Hwange. “He went and got a decree from President (Robert) Mugabe to protect the presidential elephants, and he received that decree, and they agreed that they would not shoot any elephants within the Dete Hwange area,” Hewat explained.

Elliott’s passing has sent shockwaves throughout the conservation community, with many paying tribute to his remarkable legacy. “He’s a legend. Everybody knows him,” Hewat said. “He was an MP in Hwange, spoke fluent Ndebele, and knew a lot of the ministers. He’s just an amazing man, a legend for Zimbabwe.”

As a testament to his enduring legacy, Elliott had asked Hewat to carry on his work with the Presidential Elephant Research Trust. “It was his vision to promote young Zimbabwean researchers, and that’s something that I share and think we can take forward for the country and for the youth,” Hewat said.

 

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UPDATE: ZimParks rangers injured in elephant attack receiving medical treatment

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BY STAFF REPORTER

The Zimbabwe Parks and Wildlife Management Authority (Zimparks) spokesperson, Tinashe Farawo has provided an update on the condition of two rangers who were injured earlier this week by elephants in the Sengwa, Chirisa Safari area.

The rangers, who were investigating a reported case of a snared buffalo, encountered a herd of elephants with calves that charged at them.

According to the update, one of the rangers has undergone treatment for his left arm and is currently in a stable condition.

The other ranger had a successful abdominal operation and is currently receiving surgery for his broken left arm and left leg.

The incident highlights the dangers faced by wildlife rangers in Zimbabwe. In a similar incident in March 2025, a Zimparks ranger was killed by an elephant in Kariba during a routine patrol in the Gatche-gatche area.

The authority has encouraged people to minimize movements at night to reduce the risk of human-wildlife conflicts.

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Zimbabwe on track for 6% growth as economy recovers from drought

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BY REUTERS

Zimbabwe is on track to achieve a forecasted 6% economic growth in 2025 helped by good agricultural output and strong commodity prices, Finance Minister Mthuli Ncube said on Thursday.

The Southern African country’s economy has shown signs of recovery in the first half of the year following a severe drought and currency turbulence in 2024 that pushed GDP growth down to 2%.

“Given the positive economic developments during the period January to June, we are confident that the projected economic growth of 6% alluded to in the 2025 National Budget is achievable,” Ncube told parliament in a mid-year budget review.

“All sectors of the economy are expected to record positive growth in 2025, mainly on account of a favourable agriculture season, improved electricity generation, stable exchange rate and inflation rate,” he said.

He did not give an update on the budget deficit, which was seen at 0.4% of gross domestic product in 2025 during the budget forecast last November.

Zimbabwe’s fiscal position remains under strain from grain imports, drought relief spending and the public sector wage bill. While the government has collected more revenue than in the same period last year, analysts say containing the deficit may prove difficult without new fiscal measures.

The local currency, the ZiG, launched in April 2024 to replace the Zimbabwe dollar, has largely remained stable against the U.S. dollar but is still overshadowed by widespread use of the dollar in everyday transactions.

Ncube reiterated the government’s commitment to the gold-backed unit and said the currency had benefited from tight monetary and fiscal policies.

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