TradeInvest Africa (Cape Town)

Zimbabwe's Banks Experience Dramatic Recovery

21 September 2009

Zimbabwe's banks have experienced a dramatic improvement in fortunes since the adoption of the US dollar by that country.

Deposits have increased rapidly, according to John Legat, CEO of Imara Asset Management Zimbabwe, resulting in a rejuvenation of the credit market. Increases in the levels of deposits and loans have resulted in greater availability of capital for industry.

However, Zimbabwean banks are expected to remain cautious in their lending due to the absence of a Central Bank to function as a lender of last resort.

Tagged: Banking, Business, Investment, Southern Africa, Trade, Zimbabwe

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Comments 1 to 3 of 3 Post a comment

  • ragtimer
    Sep 22 2009, 12:34
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    Now that they're using money from a government that wasn't led by a con artist with a fake Ph.D. in economics, sure there is a recovery.

    Unfortunately, the US has just elected... a con artist with a fake Ph.D. in economics.

    What will happen when the US dollar goes the way of Zimbabwe's? Will the ZANU-PF finally grow up and start taking orders from someone who actually knows how to build a livable country?

    No, they'll just say it's "proof the West can't be trusted," and go back to beating their fellow ciizens of Zimbabwe for scraps of food on the orders of whoever the Big Man happens to be today.

  • Phiri
    Sep 22 2009, 23:06
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    Ragtimer, stop your foolish bastard ratting around. It bothers you very much to see any sign of progress in Zimbabwe. I can understand that you are so used to the old "white spoils" of garden boys etc. That life is over!! White is not beautiful in Zimbabwe, just face the truth!

    Your white ignorance bitterness shows though out your comments. Does it occur to you that Zimbabweans would not get a "boot" about you. You never learnt any democracy while being a Rhode and it's spoil rotten system.

    Rhodes are dying each day and Zimbabwe will move on and maybe in 20 years even forget that white confused Rhodes ruled the country. The country thinks you are part of the problem and not necessary the solution. You are not wanted...just face the truth!

  • ragtimer
    Sep 23 2009, 11:36
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    If the West is not wanted, then why do the governments of Africa keep begging us to trade with them and supply them with aid?

    Oh right, the West's Magic Powers Of Colonial Legacy somehow drain resources and democracy out of Zimbabwe, and we need to keep giving stuff back to make up for it.

    It must be wonderful to believe the world is such a magical place.