Banks Biggest Losers in Zimbabwe's Ruling on U.S. Dollar Debts

Zimbabwean banks are set to lose millions after the Supreme Court ruled that debts incurred before February 2019 should be settled in the local currency at a rate on par with the greenback. This gives a reprieve to debtors who have access to the U.S. dollar, who will now simply convert their foreign currency to the local currency and pay less than what they would have paid had it not been for the ruling.

Photo: The Herald

Chief Justice Luke Malaba.

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