Opposition Citizens Coalition for Change (CCC) led by Nelson Chamisa has said the government’s reversal of the suspension of lending by banks confirms policy inconsistency by the Zimbabwean government.
The party speaks after the Reserve Bank of Zimbabwe (RBZ) this Tuesday announced that the temporary suspension of lending by banks has been lifted with immediate effect.
In a statement, seen by Pindula News, the central bank’s governor, Dr John Panonetsa Mangudya said the suspension remains in effect for entities under investigation for abusing loan facilities.
In response to the development, the CCC party said:
In our press briefing last week on the illegal announcement of “Economic Measures”, we warned that the policy was unlawful, ill-thought-out & would have a catastrophic effect on the economy.
The U-turn on this issue confirms what we’ve always said – policy inconsistency, bad governance & poor leadership are the root causes of the Zimbabwean crisis. Register to vote for ethical leaders in 2023
Finance and Economic Development Minister Mthuli Ncube had said the ban on bank lending announced by President Emmerson Mnangagwa last weekend was aimed at combating indiscipline in the financial services sector driving inflation and weakening the local currency.
The suspension of lending by banks attracted a public outroar with some saying the measures marked the demise of struggling local companies.
Most of Zimbabwe’s businesses import their commodities, including salt and laundry soap, since the local industry cannot meet the demand.