Email a Friend
Zim's foreign banks could be indigenised
Indigenisation Minister Saviour Kasukuwere on Friday said international banks in Zimbabwe will be...
Indigenisation Minister Saviour Kasukuwere on Friday said international banks in Zimbabwe will be indigenised.
But the plan is facing stiff resistance from Finance Minister Tendai Biti and the Zimbabwean Central Bank.
Biti said Zimbabwe's banking sector is already indigenised with 22 of the 26 banks operating in local hands.
He said there was no need to tamper with the shareholding of the few foreign banks operating in the country, which include South Africa's Stanbic Bank.
Biti said he has the backing of Central Bank Chief Gideon Gono, a close ally of President Robert Mugabe.
Speaking to New Zimbabwe.com, Kasukuwere said foreign banks have “attitude problems”.
He also accused them of refusing to lend money to Zimbabwean companies.
(Edited by Clare Matthes)
Caffeine may chip a couple strokes off golf score
Al Jazeera journalists in Egypt sentenced to three years in prison
Libyan drownings and lorry of corpses drive up migrant toll
Sources: Chad sentences 10 Boko Haram members to death
More migrants crossing Mediterranean Sea
Ashley Madison parent company CEO quits after infidelity data hack