Zimbabwe: Banks Face Collapse
source: allAfrica
Zimbabwe Independent (Harare)
25 January 2008
Posted to the web 25 January 2008
Dumisani Muleya
MAJOR commercial banks and other financial houses are facing a critical liquidity crisis largely caused by unlawful speculative investments which are now threatening to ruin the stricken institutions.
Information gleaned from an array of documents shows the situation has triggered tremors within the sector that was hit by a chain of high-profile institutional collapses in 2004. Cash shortages at the banks have compounded the situation as businesses and individuals are unable to access their money.
Almost all the banks — Barclays, Stanbic, Standard Chartered, CFX Bank, Kingdom, NMB Bank, ZB Bank, MBCA, ZABG, FBC, CBZ, Agribank, ABC Corporation, Genesis, Premier, Interfin and Renaissance, as well as building societies such as CABS, Beverley, FBC BS and Intermarket — are in dire straits.
The banks are facing liquidity problems because [continue reading]
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27 January, 2008 at 8:44 am
They need to diversify there bonds…Or at least thats what Wu Tang said to do. Rizza what
28 November, 2008 at 11:21 am
there is need for zimbabweans to unite as a nation and try by all means to abstein from unlawful speculative movements .Moreso commercials ought to true in the way they handle financial issues in the country.lastly there is a great need for investment in zimbabwe which can only be achieved if our government support investors particularly in the agricultural sector.More profits from such investments then our commercial banks be more lively
Brethen lets also pray for this crisis
Finance Major
Solusi University
12 June, 2010 at 2:59 pm
poor governance, i mean lack of Board oversight is the main problem in Zimbabwean financial services sector
12 June, 2010 at 3:03 pm
lack of board oversight and corporate incest is the main problem, the guys @ 80 Samora Machel Avenue, Harare must not sleep at work
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