Home » General » ZIMBABWEAN BANK SLOW RESUMES INTERNATIONAL SERVICES AFTER PRATIAL LIFTING OF US SANCTIONS

HARARE, Zimbabwe's ZB Financial Holdings (ZBFH) has slowly resumed offering international business services after the bank was taken off United States sanctions last year, says its group chief executive, Ray Mutangadayi.

The bank was among several of Zimbabwe's State-linked businesses slapped with sanctions by Washington over differences between the two countries and was on the embargo list for eight years.

Mutangadayi says the bank has re-established foreign correspondent links which had been cut and was planning to launch international money transfer operations before the end of the year. The re-launch of its Visa Card facility is also in the pipeline.

Sanctions imposed by the US on imbabwean financial institution restricted them to offering limited services for locals only and

made it impossible to access external lines of credit.

We have signed a number of money transfer agreements and once finalised, we expect to be able to launch the money transfer operations in the third quarter of the year, said Mutangadayi.

He added that since the lifting of sanctions, the institution had successfully re-engaged correspondent banks, resulting in the

re-activation of its US dollar, South African Rand, British Pound and Euro accounts. The group says its desire to establish regional operations in Mozambique has been halted, hit by foreign currency shortages on the local market.

Meanwhile, the bank is in negotiations for lines of credit worth 35 million USD.

Source: NAM NEWS NETWORK

HARARE, Zimbabwe's ZB Financial Holdings (ZBFH) has slowly resumed offering international business services after the bank was taken off United States sanctions last year, says its group chief executive, Ray Mutangadayi.

The bank was among several of Zimbabwe's State-linked businesses slapped with sanctions by Washington over differences between the two countries and was on the embargo list for eight years.

Mutangadayi says the bank has re-established foreign correspondent links which had been cut and was planning to launch international money transfer operations before the end of the year. The re-launch of its Visa Card facility is also in the pipeline.

Sanctions imposed by the US on imbabwean financial institution restricted them to offering limited services for locals only and

made it impossible to access external lines of credit.

We have signed a number of money transfer agreements and once finalised, we expect to be able to launch the money transfer operations in the third quarter of the year, said Mutangadayi.

He added that since the lifting of sanctions, the institution had successfully re-engaged correspondent banks, resulting in the

re-activation of its US dollar, South African Rand, British Pound and Euro accounts. The group says its desire to establish regional operations in Mozambique has been halted, hit by foreign currency shortages on the local market.

Meanwhile, the bank is in negotiations for lines of credit worth 35 million USD.

Source: NAM NEWS NETWORK

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