Zimbabwe: Biti Blasts Banks

19 November 2012

FINANCE Minister Tendai Biti on Friday said Treasury will introduce legal instruments that compel banks to invest a defined portion of deposits in prescribed assets in reaction to their "reluctance" to support Government economic programmes. Despite massive financial obligations Treasury expects to raise a mere US$3,8 billion next year and was upset following banks' lukewarm response to its Treasury Bills, while others snubbed them completely.

Speaking during the Confederation of Zimbabwe Industries post budget workshop Minister Biti said the requirements would come among a cocktail of measures to be enforced through amendments Treasury will effect in the Banking Act.

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