Zimbabwe closes seventh troubled bank

Zimbabwe's central bank shut commercial bank CFX over the weekend, bringing the total number of closures in 2004 to seven, as problems in the country's financial system continue.

The closure follows a revelation last week that CFX had made a $115 billion loss this year. This has been blamed on fraudulent accounting used to conceal losses at Century Bank, which merged with CFX in May.

CFX petitioned the central bank for the return of its statutory reserve funds last week in an attempt to rebuild

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: