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South Africa-based Standard Bank has been authorized to operate new RMB clearing bank. Initiative is part of Beijing’s strategy to enhance trade between Africa…
Africa’s largest bank just became renminbi clearing gateway, a status…
Afreximbank deploys Gulf Crisis Response Programme (GCRP), warning of severe…
Kenya Commercial Bank (KCB) has approved an $82.5 million total dividends pay-out for the 2021…
Savings and Credit Co-operative Societies (SACCOS) have embraced the new cybersecurity course launched by the…
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ABSA Bank Kenya has a posted a 22 per cent rise in its profit after…
Kenya Commercial Bank (KCB) Group has committed to building on the successes of Joshua Oigara…
The president announced in a May 7 televised speech that banks had been banned from lending in a bid to stem the precipitous decline of the local currency inter alia increasing capital holding tax, banning third party transactions on the local bourse, and increasing Intermediated Money Transfer Tax (IMTT).
The move came as the local currency had been depreciated against the United States dollar. This is amid high demand for the greenback which is seen as a store of value.
An executive at an agro-processing firm, name with-held, told NewZimbabwe that his company can’t borrow what it needs to pay 500 farmers for the soy and sugar beans. It contracted them to grow, or fund the purchase of inputs such as fertilizer for the next season’s crop.
