Uncategorized

Zimbabwe unfreezes bank lending only days after policy change

Published

3 years ago

May 17, 2022

HARARE – Zimbabwe has lifted its ban on bank lending, the central bank has announced, more than a week after the government froze loans in a move it said was meant to stop speculation against a rapidly devaluing local currency.

The government said at the time it had started investigating unnamed speculators for taking out Zimbabwe dollar bank loans to buy foreign currency on the black market, driving the local currency’s value lower.

“The bank wishes to advise the public that the temporary suspension of lending services by banks has been lifted with immediate effect,” the central bank said in a statement on Tuesday.

It added that only organisations being investigated for abusing loan facilities would not be allowed to borrow from banks.

Business groups had warned that the lending freeze would hurt commerce and worsen Zimbabwe’s economic crisis.

Last week, South Africa’s Tongaat Hulett suspended prepayments to sugar cane farmers, saying it relied on bank loans to fund the payments.

The lending freeze did slow the Zimbabwean dollar’s slide on the black market, although it had little effect on the official rate.

Zimbabwe, which experienced 500 billion percent hyperinflation in 2008, is currently experiencing another episode of high inflation, with year-on-year inflation rising to 96.4 percent in April from 72.7 percent in March, driven by the rapid devaluation of its currency.

The economy has also been affected by the lingering effects of the Covid-19 pandemic and Russia’s invasion of Ukraine.- Online

Related Topics:Covid-19 pandemic Russia’s invasion of Ukraine Zimbabwe dollar

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In the community

Victoria Falls man sentenced to six months for domestic violence

Published

1 day ago

August 15, 2025

VicFallsLive

BY STAFF REPORTER

A 33-year-old Victoria Falls man has been sentenced to 6 months imprisonment for domestic violence charges. The sentence was handed down by the Victoria Falls Magistrates’ Court.

The man, from Chinotimba, was arrested on August 3 for a domestic violence charge. According to the National Prosecuting Authority, the facts of the matter are as follows: a misunderstanding arose between the offender and his 32-year-old wife over money left in her jacket. Later that evening, the offender shouted at his wife before strangling her several times on the neck. The victim reported the matter to the police, which led to the offender’s arrest.

The court sentenced the offender to 6 months imprisonment, with two months suspended for five years on condition of good behavior.

A further four months were suspended on the condition that he performs 140 hours of community service.

National

Zimbabwe roads claim 24 lives over Heroes holiday

Published

2 days ago

August 14, 2025

VicFallsLive

BY NOKUTHABA DLAMINI

A total of 24 people lost their lives on Zimbabwe’s roads during the 2025 Heroes and Defence Forces holidays, according to statistics released by the Zimbabwe Republic Police.

The police reported 196 road traffic accidents, 13 of which were fatal, between August 11 and 13. This represents a significant increase from the previous year’s figures, which saw 149 accidents and eight fatalities.

Reckless driving, mechanical faults, speeding, and overtaking errors were cited as major causes of the accidents.

Two major accidents occurred during the period, including a fatal crash on the Mutare-Masvingo Road that claimed the lives of six Zion Christian Church congregants. Another accident on the Bindura-Shamva Road resulted in four fatalities and 17 injuries.

The police have urged motorists to prioritize vehicle maintenance, avoid speeding and reckless overtaking, and adhere to road rules and regulations to prevent further loss of life.

In the community

Dete teen convicted for theft

Published

2 days ago

August 14, 2025

VicFallsLive

BY WANDILE TSHUMA

A Dete teenager has been convicted of breaking into a local shop and stealing goods and cash worth US$131.

Artwell Ncube, 18, of Lupote in Dete, was found guilty of aggravated unlawful entry by the Hwange Magistrates Court.

According to court records, Ncube used an unknown object to open the locked shop door between May 20 and 25, 2025. Once inside, he stole groceries, airtime, and US$50 in cash.

The shop owner unexpectedly returned to the premises on May 25 at midnight and found Ncube inside. The teenager fled, leaving some stolen items behind.

A subsequent police investigation led to Ncube’s arrest. Property worth US$31 was recovered.

Ncube was sentenced to 12 months’ imprisonment, which was fully suspended on condition that he repays ZWG3 516.04 to the complainant within six months and performs 110 hours of community service at Lupote Clinic which he started on Wednesday.