Zimbabwe banks experience massive capital flight

Zimbabwe's banks, which for years have been the investor's first choice as they offered annual gains of up to 65 percent in interest, are now facing a massive capital flight to the equity market after cheaper funds made available by the Central Bank sharply brought down interest rates. The Reserve Bank of Zimbabwe off-loaded 11 billion Zimbabwean dollars ( ZD 55 = 1 USD) on the money market three weeks ago for on-lending to the productive sectors at concessionary interest rates, as part of a new

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