Foreign Banks tighten screws on Zimbabwe

International banks are terminating working relations with their local counterparts in a move that will affect the importation of cash and payments to foreign suppliers.

In his mid-tern fiscal policy Finance minister Patrick Chinamasa said last year there was an ongoing trend whereby international correspondence banks were terminating banking relations with financial institutions in the Eastern and Southern Africa Anti Money Laundering Group member states including Zimbabwe.

Local banks have partnerships with international banks, which were used for foreign payments by customers wanting to buy products outside the country.