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Home Banking

Zimbabwe fines Banks on ‘Financial Indiscipline’

FurtherAfrica by FurtherAfrica
June 15, 2022
in Africa, Banking, Zimbabwe
Reading Time: 1 min read
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Zimbabwe penalized 12 banks for “financial indiscipline” that fueled inflation and undermined the currency, the Herald newspaper cited President Emmerson Mnangagwa as saying.

The unidentified institutions have received unspecified “hefty penalties,” Mnangagwa told supporters of the ruling party on last week after opening a gold-processing facility, according to the Harare-based paper.

Also read: Zimbabwe signals state mine investment with Russia platinum exit

The central bank probed a total of 16 lenders suspected of “financial malfeasance” that resulted in a spike in the exchange rate on the parallel market, the president was cited as saying.

The 12 that were fined “pleaded with us not to publicize their identities, saying if we do so they will lose clients,” the Herald quoted Mnangagwa as saying. “We agreed and warned them that if they repeat the indiscipline, we will make their identities known to the public.”

Related

Source: Bloomberg
Tags: exchange ratefinancial indisciplinefueled inflationgold-processing facilityPresident Emmerson MnangagwazimbabweZimbabwe fines Banks on ‘Financial Indiscipline'зимбабвеزيمبابويジンバブエ津巴布韦
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Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

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