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Agribank & IDBZ Off The Sanctions List

3 years agoFri, 22 May 2020 06:18:53 GMT
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Agribank & IDBZ Off The Sanctions List

Agribank and Infrastructure Development Bank Of Zimbabwe are now officially off the sanctions list, The Herald reports, The development that will allow the banks to do international business with other firms and access lines of credit from other institutions was announced by the American Department of the Treasury.

Addressing the issue, Finance Minister Mthuli Ncube said:

Any removal of any institution, especially a financial one, is very positive indeed. This will help the bank access credit lines and remove any restrictions that pertain to Know-Your-Customer challenges, which is really what happens when a bank is in the spotlight. Now that they (sanctions) have been lifted, the banks will find it easier to do business going forward. So this is a very welcome development indeed.

The banks were put under sanctions in 2008, and some conditions were relaxed in 2013.

More: The Herald 

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