Browsing: Zimbawe

Zimbabwe: Mnangagwa's freeze on bank lending to save currency value. www.theexchange.africa

Zimbabwe: Mnangagwa’s freeze on bank lending to save currency value

Countries
  • Before Mnangagwa’s statement, the Zimbabwean currency was officially valued at 165.94 to the US dollar, but it was trading on the black market at a rate ranging from 330 to 400 to the dollar
  • Investigations found that many enterprises are simply borrowing significant sums of Zimbabwe dollars, which they then channel into the parallel market to acquire US dollars
  • The president proposed issuing an order to compensate account holders who lost the value of their assets when the country de-dollarized in 2019

Zimbabwe ditched its depreciated currency in 2009, preferring to utilize foreign currencies, notably the US dollar. Mnangagwa’s administration revived the native currency in 2019 to float alongside international currencies in the economy, but the local currency continued to lose value.

As a result, President Emmerson Mnangagwa has instructed banks to cease extending loans to the government and private sector departments, claiming that the unprecedented action was intended to …

Cyclone Idai impact in Mozambique-The Exchange

World Bank raises $700 million for cyclone Idai victims

Africa's Development

The World Bank has increased emergency support for the three Southern African countries affected by a devastating cyclone that killed hundreds in March to Tshs.1.6 trillion ($700 million), the lender said on 3rd May, 2019.

More than 1,000 people were killed across Mozambique, Zimbabwe and Malawi after Cyclone Idai, the worst cyclone in decades, lashed the Eastern Indian Ocean coast bringing heavy winds and rains.

New World Bank President David Malpass, who is in Africa for his first foreign trip, toured the affected areas in Mozambican port city of Beira on 3rd May, 2019. The bank said it was activating the International Development Association`s (IDA) Crisis Response Window (CRW) to provide up to Tshs.1.2 trillion ($545 million) in total for the three countries.

“This is in addition to the nearly Tshs.345 billion (0 million) in resources that have recently been made available from existing projects. (https://www.sellerlabs.com/…