He said the loan was at an 11 percent interest rate and all cost for a period of 12 months.DHZL is listed on the Zimbabwe Stock Exchange and has a market capitalisation of $59 million on the bourse.
Led by Anthony Mandiwanza, DHZL shares are currently being snapped up for 17cents each.
“The PTA Bank has a keen interest in resuscitating the country and has been working with banks and corporates in the provision of affordable funding to alleviate the liquidity challenges Zimbabwe is facing,” he said in an interview in Harare.
He said in an environment faced with high liquidity strain, local banks had been charging a huge premium on funding with high interest rates averaging 20 percent annually.
“Co-operation from international banks, charging affordable rates, will thus assist to alleviate the liquidity crisis in the cash-strapped economy,” the stock market analyst said.
Zimbabwe’s Current Account deficit of $1,5 billion stands at 17 percent of the country’s Gross Domestic Product.
Post published in: Business