Thursday, August 21, 2025
  • Who’sWho Africa AWARDS
  • About Time Africa Magazine
  • Contact Us
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
  • Home
  • Magazine
  • WHO’SWHO AWARDS
  • News
  • World News
    • US
    • UAE
    • Europe
    • UK
    • Israel-Hamas
    • Russia-Ukraine
  • Politics
  • Crime
  • Lifestyle
  • Sports
  • Column
  • Interviews
  • Special Report
No Result
View All Result
Time Africa Magazine
No Result
View All Result
  • Home
  • WHO’SWHO AWARDS
  • News
  • Magazine
  • World News

Home » News » ZIMBABWE: Lending ban painful but necessary – says Mangudya; RBZ insists measures temporary

ZIMBABWE: Lending ban painful but necessary – says Mangudya; RBZ insists measures temporary

May 12, 2022
in News
0
Central Bank Governor John Mangudya

Central Bank Governor John Mangudya

540
SHARES
4.5k
VIEWS
Share on FacebookShare on Twitter

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 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% in April, up from 61% at the beginning of the year, mainly due to a rapidly weakening local currency.

ReadAlso

Zimbabwe’s scrap metal hunters fight climate change a piece at a time

Zimbabwe to kill dozens of elephants and distribute meat to people

Analysts from BancABC, the local unit of pan-African financial group Atlas Mara, 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% of their incomes.”

ADVERTISEMENT

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

 

Tags: Zimbabwe
ADVERTISEMENT
Previous Post

Illegal forex dealings: RBZ launches massive crackdown on ‘errant’ banks

Next Post

2023: Civil Servants will vote most credible candidates, not political parties – Chairman Trade Union Congress (TUC) Delta State

You MayAlso Like

News

NYSC Speaks On Assaulted Female Corps Member in Anambra

August 21, 2025
News

When Truth Fights Back: A Rebuttal to the False Allegations Against Delta State Polytechnic, Ogwashi Uku

August 21, 2025
News

South Africa looks to enhance global cooperation in face of sweeping US tariffs

August 21, 2025
News

Nigeria Deletes Nearly 59 Million Harmful Posts, Shuts 13 Million social media accounts

August 20, 2025
News

Africa loses over $580 billion annually to corruption — AfDB President

August 19, 2025
News

Delta Governor Approves N10bn to Settle Pension Backlogs, Earns Praise from TUC Leadership

August 19, 2025
Next Post
Comrade Bolum Nwachukwu

2023: Civil Servants will vote most credible candidates, not political parties - Chairman Trade Union Congress (TUC) Delta State

Justice Mary Odili

NIGERIA: Retiring Justice Odili remembers agonies of Nigeria-Biafra War, says “some of the actions that propelled the war are being re-enacted this time”

Discussion about this post

Ibom Air: My side of the story, by Comfort Emmanson

PUBLIC ANNOUNCEMENT: The Resumed Impunity Of Violent And Unlawful Dispossession of Agidiasie People’s Ancestral Land Inheritance and Farmlands Under the Custodian of the Iyase Of Ogwashi-uku Kingdom By “HRH” Ifechkwude Okonjo

Brutalized female NYSC in Anambra —Dismissals make headlines. Convictions make justice

The Unexplained Professorship of Stella Ngozi Lemchi, Vice-Chancellor of Alvan Ikoku Federal University

Stripped, Beaten, Accused: NYSC Corps Members Brutalized by Anambra Vigilantes

Adaora Umeoji Means Business

  • British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

    1240 shares
    Share 496 Tweet 310
  • Maids trafficked and sold to wealthy Saudis on black market

    1066 shares
    Share 426 Tweet 267
  • Flight Attendant Sees Late Husband On Plane

    971 shares
    Share 388 Tweet 243
  • ‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

    903 shares
    Share 361 Tweet 226
  • Crisis echoes, fears grow in Amechi Awkunanaw in Enugu State

    735 shares
    Share 294 Tweet 184
  • Trending
  • Comments
  • Latest

British government apologizes to Peter Obi, as hired impostors, master manipulators on rampage abroad

April 13, 2023

Maids trafficked and sold to wealthy Saudis on black market

December 27, 2022
Flight Attendant Sees Late Husband On Plane

Flight Attendant Sees Late Husband On Plane

September 22, 2023
‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

‘Céline Dion Dead 2023’: Singer killed By Internet Death Hoax

March 21, 2023
Chief Mrs Ebelechukwu, wife of Willie Obiano, former governor of Anambra state

NIGERIA: No, wife of Biafran warlord, Bianca Ojukwu lied – Ebele Obiano:

0

SOUTH AFRICA: TO LEAVE OR NOT TO LEAVE?

0
kelechi iheanacho

TOP SCORER: IHEANACHA

0
Goodluck Ebele Jonathan

WHAT CAN’TBE TAKEN AWAY FROM JONATHAN

0

NYSC Speaks On Assaulted Female Corps Member in Anambra

August 21, 2025

When Truth Fights Back: A Rebuttal to the False Allegations Against Delta State Polytechnic, Ogwashi Uku

August 21, 2025

South Africa looks to enhance global cooperation in face of sweeping US tariffs

August 21, 2025

Brutalized female NYSC in Anambra —Dismissals make headlines. Convictions make justice

August 20, 2025

ABOUT US

Time Africa Magazine

TIME AFRICA MAGAZINE is an African Magazine with a culture of excellence; a magazine without peer. Nearly a third of its readers hold advanced degrees and include novelists, … READ MORE >>

SECTIONS

  • Aviation
  • Column
  • Crime
  • Europe
  • Featured
  • Gallery
  • Health
  • Interviews
  • Israel-Hamas
  • Lifestyle
  • Magazine
  • Middle-East
  • News
  • Politics
  • Press Release
  • Russia-Ukraine
  • Science
  • Special Report
  • Sports
  • TV/Radio
  • UAE
  • UK
  • US
  • World News

Useful Links

  • AllAfrica
  • Channel Africa
  • El Khabar
  • The Guardian
  • Cairo Live
  • Le Republicain
  • Magazine: 9771144975608
  • Subscribe to TIME AFRICA biweekly news magazine

    Enjoy handpicked stories from around African continent,
    delivered anywhere in the world

    Subscribe

    • About Time Africa Magazine
    • Privacy Policy
    • Contact Us
    • WHO’SWHO AWARDS

    © 2025 Time Africa Magazine - All Right Reserved. Time Africa is a trademark of Times Associates, registered in the U.S, & Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    No Result
    View All Result
    • WHO’SWHO AWARDS
    • Politics
    • Column
    • Interviews
    • Gallery
    • Lifestyle
    • Special Report
    • Sports
    • TV/Radio
    • Aviation
    • Health
    • Science
    • World News

    © 2025 Time Africa Magazine - All Right Reserved. Time Africa is a trademark of Times Associates, registered in the U.S, & Nigeria. Use of this site constitutes acceptance of our Terms of Service.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.