Mangudya Complains That Global Banks Are Shunning Zimbabwe

Reserve Bank Of Zimbabwe (RBZ) governor John Mangudya has complained that international banks are shunning Zimbabwe saying that there is a high country risk. This has resulted in many local banking institutions finding it hard to access the global payment system without using third parties. The governor appealed to the international banks to stop de-risking the country, as it was now open for business under the administration of President Emmerson Mnangagwa.

Speaking at the Swiss Business Circle in Zurich, Switzerland last week Mangudya said:

We need the foreign banks to stop de-risking Zimbabwe.

The country has gone through a de-risking phase over the past 10 years. We have lost 102 correspondent banking relationships because Zimbabwe was seen as a high-risk country.

We know it, we suffered it that is why we are. saying we are now open for business.

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