Zimbabwe Central Bank Says Lending Freeze Is Temporary

Zimbabwe’s central bank governor John Mangudya says the freeze on bank lending is a temporary measure which is meant to contain inflation and stabilise its economy, <br />President Emmerson Mnangagwa ordered the suspension with immediate effect, saying the move was meant to stop speculation against the Zimbabwean dollar, which has been rapidly devalued on a thriving black market. <br />Zimbabwe’s inflation has started to rise again, with year-on-year inflation at 96% in April, up from 61% at the beginning of the year, mainly due to a rapidly weakening local currency.