The Reserve Bank of Zimbabwe is to tighten conditions for companies to obtain loans from banks following an investigation which revealed that some corporates were obtaining loans and dumping the money on the black market to obtain foreign currency thus undermining the local currency.
According to the investigation one entity obtained $6.5 billion from 12 of the country’s 16 banks.
Most entities, the central bank said, had loans with at least five or more banks.
The Zimbabwe dollar is currently trading at between $460 and $610 on the black market but at $338.49 at the auction rate. It is at #341.25 at the interbank rate.
Below is the statement from the RBZ:
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