Zimbabwe freezes all bank lending

President announces controls on money creation to stem decline of currency

The previous Zimbabwe dollar had a $1 trillion note in circulation

The president of Zimbabwe, Emmerson Mnangagwa, announced on May 7 that his government had frozen all new bank lending to the state and private persons. The move, accompanied by new taxes on money transfers and other restrictions, is intended to support the weakening Zimbabwe dollar.

In his address, Mnangagwa said that “lending by banks to both the government and the private sector is hereby suspended with immediate effect, until further notice”. He also said that he had set a 0% growth target

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