‘Zim correspondent banking relationships under threat’

THE United States State Department says most correspondent banking relationships in the country are in jeopardy owing to international banks wanting to de-risk.

Owing to the highly volatile Zimbabwe dollar that continues to depreciate, international banks have either moved out of the country or are reducing branch networks in the country. Two banking groups to announce their exit from the local market in recent memory are the British headquartered banking groups, Barclays Plc and Standard Chartered plc.

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