The Reserve Bank of Zimbabwe has backtracked on its blanket directive to stop banks’ lending activities after Tongaat Hulett’s Zimbabwe units and other companies stopped credit sales and advances to suppliers.
Zimbabwe is now desperate to contain further economic fallout from the new monetary measures announced a week ago.The Reserve Bank of Zimbabwe has backtracked on its blanket directive to stop banks’ lending activitiesBankers and company executives had warned that the move would impact on operations and viability of producers across the economy.
Zimbabwe is now desperate to contain further economic fallout from the new monetary measures announced a week ago. Bankers and company executives had warned that the move would impact on operations and viability of producers across the economy. The backtracking followed a string of company letters to suppliers suspending advance payments and credit advances as the impact of Zimbabwe's new monetary measures, aimed at containing the exchange rate implosion and spiking inflation, spread across the economy.
Other agro companies such as Fivet, a livestock health and feedstock supplier, had also suspended advance sales. Surrey, another agriculture processing company, had even asked farmers to stop supplying livestock to its abattoirs.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Move in the flight direction: Takatso backs 'firm commitment' by DPE, Treasury for SAA deal | Fin24SAA's chosen strategic equity partner welcomes what it vies as a public declaration by the DPE and Treasury of a firm commitment to wrap up the deal.
Read more »
Parents shut down Soweto school in protest at bad state of buildingLearning was disrupted at Thubelihle High school in Jabavu, Soweto, on Thursday morning after parents shut the school, demanding that the Gauteng department of education addresses the issue of poor infrastructure.
Read more »
Inside Oceana’s hush-hush AGMOceana’s AGM should have been the moment to question execs on its controversy-ridden Daybrook deal. Instead, investors were shut down
Read more »
Low demand for jabs threatens Cape Town Covid-19 vaccine production plant | Fin24Plans to produce Pfizer Covid-19 vaccine in Cape Town may be scaled back because of waning demand for the shots, according to the head of the company’s South African manufacturing partner.
Read more »
SA Breweries owner AB InBev says it's shielding beer lovers from rocketing prices | Fin24As part of the policy to limit risk, the world's largest beer maker buys its raw materials in advance, which allows the group to plan its pricing in advance and shields it from rising costs.
Read more »
Not everyone is satisfied just yet, but SA's first agriculture master plan has been signed | Fin24The agriculture and agro-processing plan signed on Thursday will continue to be a 'living' document, says Minister of Agriculture Land Reform and Rural Development, Thoko Didiza.
Read more »