Zimbabwean banks removed from US sanctions list

The United States Department of the Treasury's Office of Foreign Assets Control (OFAC) removed ZB Financial Holdings, its subsidiaries, the Industrial Development Corporation along with other individuals and entities from the list of Specially Designated Nationals and Blocked Persons that were designated under the Zimbabwe-related sanctions programme.

According to an update from OFAC, ZB Holdings and its banking subsidiaries, IDC, Chemplex Corporation, Zimbabwe Fertiliser Company, three farms (Gowrie, Longwood and Mlembwe) and individuals Aeneas Chigwedere, Jocelyn Mauchaza-Chiwenga, Georgina Nkomo (John Nkomo's widow), Abina Chapfika, Ever Chombo, Grace Charamba and the late Sabina Mugabe and Charles Utete.

Analysts also say the removal also provides a boost to the country's re-engagement programme with international financial institutions ahead of side-meetings at the annual International Monetary Fund/World Bank conference.

The US imposed sanctions on the country in the early 2000s mostly and involved asset seizures and travel bans.

Several Zimbabwean companies have had their export receipts, amounting to millions of dollars, seized over the years by the office owing to the sanctions.

Agribank and the Infrastructure Development Bank of Zimbabwe were removed from the list in February.