Zimbabwe: CBZ Credits Economic Reforms for Stimulating Local Demand

ZIMBABWE’s largest banking group, CBZ Holdings has applauded monetary authorities for pursuing strategic inflationary containment measures in a bid to preserve relative economic stability and productivity.

The remarks come shortly after authorities reacted swiftly to introduce stern measures last month which included the temporary ban on extension of loans by banks on the back of thorough investigations to sniff out exchange rate manipulators.

Last week the government revealed that during the crackdown 12 banks were caught on the wrong side and fined for contributing to the menace which saw parallel market rates shooting through the roof.

Presenting the financial performance for the year ended December 31 2021 recently, CBZ Holdings group chairman, Marc Holtzman hailed authorities for employing the right measures which have positively stimulated the economy.

“The monetary authorities also pursued complementary monetary policy measures, to fight evident inflationary pressures and at the same time promote economic activity and growth through credit expansion and investment in the productive sectors.

“The improved economic activity, together with elevated diaspora remittances, both supported and boosted individual and household incomes, further stimulated and sustained demand in the tertiary sectors of the economy,” he said.

He added that on the back of such interventions, government and private sector support in the agricultural sector resulted in the country recording significant improvement in the output of several agricultural commodities, including grains.