Business / Companies
StanChart rapped over transactions
25 Aug 2015 at 08:00hrs | Views
Analysts say Standard Chartered Bank Zimbabwe's plans to stop US dollar cross border transactions for selected account holders with effect from next month is a calculated move to avoid penalties associated with dealing with corporates and individuals under the US sanctions regime.
StanChart will stop facilitating cross-border transactions for account holders the bank deems high risk and linked to the ruling Zanu-PF party.
Economist Brains Muchemwa said the decision will not only increase the cost of doing business for StanChart customers, but also put Zimbabwe in the limelight as a risky investment destination.
Source - the herald