Staff Reporter

Government has, with immediate effect, lifted the temporary suspension of lending by banks to entities.

Speaking through a press statement, Governor of the Reserve Bank of Zimbabwe (RBZ) said that the suspension of lending was effected on 9 May 2022, following the abuse of loan facilities by some individuals.

“The Bank wishes to advise the public that the temporary suspension of lending services by banks has been lifted with immediate effect,” said Dr Mangudya.

Dr Mangudya stressed that the suspension did not apply to those entities which are still under investigation by the Financial Intelligence Unit (FIU).

“The lifting of the suspension does not apply to those entities that are under investigation by the Financial Intelligence Unit (FIU) for abusing loan facilities to the detriment of the economy,” he said.

Economic Analysts have stood firm with Government policies saying the move to suspend the loan facilities were necessary.

“From a distant, the move might appear abstract and extreme, but a close and analytic look will reveal that the move was necessary and timely,” said Persistence Gwanyanya.

Meanwhile, Dr Mangudya informed the public that the FIU had accordingly advised all banks of the affected entities.