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Zimbabwe Bankers to Meet Authorities After Order to Halt Lending – Bloomberg

Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden’s administration.
Bloomberg: Balance of Power focuses on the politics and policies being shaped by the agenda of President Biden’s administration.
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The Reserve Bank of Zimbabwe tower in Harare, Zimbabwe.
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Zimbabwe has adopted its harshest solution yet to halt a currency crisis — ordering banks to immediately stop all lending.
The southern African nation’s President, Emmerson Mnangagwa, blames banks for flooding the financial system with excess funds, fueling a currency slide and inflation. The weekend directive to freeze loans is the latest in a series of orders since 2020 aimed at supporting the local unit and thwarting a flourishing black market. The Zimbabwe dollar, reintroduced in February 2019, has crashed 61% this year, making it the worst performing currency in the world.

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