RBZ bans money transfer agencies

e licences were revoked are FREDEX, POSB, Stanchart, NMB Bank, TransAfrik, Dollarway, CABS, Stanbic, Zimpost, I and F, Pacific, Barnfords, Currency King (Kingdom), CBZ, Parlovan and Interfin.
In a memorandum to financial institutions Gono – tasked by President Robert Mugabe to revive Zimbabwe’s shrinking economy – said withdrawal of licences was because of “non-performance and deviant behaviour” by most transfer agencies.
The estimated three million Zimbabweans or a quarter of the country’s 12 million people living and working abroad wishing to send money home would have to do it through banks said Gono, who has always accused transfer agencies of channelling earnings from the Diaspora to the illegal, but thriving, black-market for foreign currency.
In a bid to force commercial banks to lend money to the mainstay agriculture sector and other key areas, Gono decreed that banks should with immediate effect lend 30 percent to the farming sector, 15 percent to mining, 10 percent to manufacturing, 10 percent to tourism and similar percentage to small and medium-scale enterprises.
Banks have been reluctant to lend especially to agriculture after the government destabilised the key sector through its chaotic and often violent farm seizure programme over the past six years. – ZimOnline