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Local banks are reportedly refusing to accept 99-year leases given to farmers by the government as collateral as they are demanding houses and other personal properties as collateral to give farmers loans, The Zimbabwe Independent reports. Banks are reportedly denying to use the leases as collateral as they are saying they are not bankable and the land still belongs to the state.
This was revealed by Bankers Association Of Zimbabwe (BAZ) President Ralph Watunga who said talks between the government and bankers failed to yield any meaningful results because of transferability issues marring the 99-year-old leases:
<blockquote>…You don’t go to an auction to buy land like a house. With land it has to be to certain people. It means the value of the land as security then becomes questionable and banks would need to get their money back from the asset in the quickest possible time.
A lot of banks are now financing agriculture using houses or another asset as security instead of the land. So it means that the land has no value. Again the process of making it bankable takes a long time because of the bureaucracy as the process requires legislative changes.
It’s not an overnight thing. It requires a lot of stakeholders’ approval. But should the relevant authorities apply their minds, it’s a process that should not take two years.</blockquote>
Commercial Farmers Union Andrew Ivordale pinned his hope on the new National Land Policy and said he hopes it will address the issue:
<blockquote>Hopefully the new National Land Policy will deal with this issue. The consultation process for this only ended in December 2020, so we need to allow time for the process to be completed. Banks lend depositors’ money. They have to have sufficiently secure collateral for those funds. A secure, tradable, transferable tenure instrument is what is required. While it is difficult to quantify, Zimbabwe has suffered substantial losses as a result.</blockquote>
The farmers were allocated the land by the government by the year 2006 after the infamous land redistribution program.
More: <a href="https://www.theindependent.co.zw/2021/03/19/banks-declare-99-yr-leases-worthless/">The Zimbabwe Independent</a>

Pindula News

Banks Refuse To Recognize 99 Year Old Leases - Reports

<blockquote>The Bankers Association of Zimbabwe (BAZ), whose main mandate is to support the banking business of member banks, supports the Foreign Exchange Auction Trading System introduced by the Reserve Bank of Zimbabwe (RBZ) on 17 June 2020 and became operational with effect from 23 June 2020.
The introduction of a Foreign Exchange Auction Trading System has been a key recommendation item in BAZ’s regular inputs to the Monetary and Fiscal Authorities.
In particular, the BAZ made representations on the need for an auction system for foreign currency trading during the crafting of the following policy documents: –
<ul>
<li>2018, 2019 and 2020 Monetary Policies</li>
<li>2018, 2019 and 2020 National Budgets</li>
</ul>
Our view is that the system brings transparency and efficiency in the trading of foreign currency in the economy.
The BAZ notes that so far USD56.3 million has been allotted under this system and the exchange rate which started at 57.3 and is now at 68.8879, signalling a movement in line with market conditions.
BAZ continues to call on exporters and sellers to submit their forex bids indicating the amount offered and the expected exchange rate through their respective banks.
We further call on authorities to continue providing this platform for price discovery and for all players, particularly foreign currency generators, to support the auction platform.
The BAZ stands ready to support economic activity by ensuring that its members engage in the efficient allocation of foreign currency funds through official channels.</blockquote>

Banks' Statement In Support Of The Foreign Exchange Auction Trading System {Full Text}

<a href="https://www.pindula.co.zw/Bankers_Association_of_Zimbabwe" rel="noopener noreferrer" target="_blank">Bankers Association of Zimbabwe (BAZ)</a> vice president <a href="https://www.pindula.co.zw/Ralph_Watungwa" rel="noopener noreferrer" target="_blank">Ralph Watungwa</a> has confirmed that banks started receiving new notes and coins on Monday.
Watungwa added that banks will start issuing out the notes to account holders this Tuesday. He said:
<blockquote>I can confirm that the new notes are being taken from the central bank and normal processes for a takeover of the notes are underway.
Some banks have already collected the notes while others are still in the process. The public was expecting to hold the cash today, but it’s a process.
As BAZ we are confirming that the banks will start dispensing the new notes tomorrow (today).</blockquote>
The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe" rel="noopener noreferrer" target="_blank">Reserve Bank of Zimbabwe</a> last week announced that it will release new banknotes and coins on Monday, November 11, 2019.
However, depositors who formed long queues in banking halls on Monday expecting to withdraw cash went away frustrated as no cash was forthcoming.
<h4>More: <a href="https://www.chronicle.co.zw/new-notes-coins-out-today/" rel="noopener noreferrer" target="_blank">Chronicle</a></h4>

Banks To Start Dispensing New Notes Today

Bank employees have issued a two week ultimatum and have threatened to strike if they do not get a 60% salary increase. The workers, represented by the Zimbabwe Banks and Allied Workers Union (Zibawu) have already rejected a 3,46% increase.
In a letter dated May 18 and seen by NewsDay, Zibawu secretary general Peter Mutasa said the workers will embark on sit ins or demonstrate if they do not get a 60% upward salary review. The letter, which was addressed to the Bankers Employers Association of Zimbabwe (BEAZ) chairman, Victor Kwezera.
At least 3 700 non-managerial workers such as messengers, tellers, customer service officers, loan officers and exchange control clerks among others are set to embark on industrial action.  BEAZ chairman acknowledged receiving the letter and said he was consulting the Bankers Association of Zimbabwe.
More: <a href="https://www.newsday.co.zw/2018/05/bank-employees-threaten-strike/">NewsDay</a>

Bank Workers Threaten To Strike, Demand 60% Salary Increase

Bankers Association of Zimbabwe (BAZ) has elected FBC Bank managing director, Mr Webster Rusere, as its president taking over from Dr Charity Jinya. He will lead BAZ for two years and will be deputised by NMB Bank chief executive, Mr Benefit Washaya.
BAZ chief executive officer Mr Sij Biyam announced the new leadership in a notice. Said Biyam:
<blockquote>At the 25th annual general meeting of the Bankers Association of Zimbabwe held on 2 May 2018, Mr Webster Rusere, the managing director of FBC Bank limited and Mr Benefit Peter Washaya, the chief executive officer of NMB Bank Limited were elected as president and vice president of the association respectively.</blockquote>
More: <a href="http://www.chronicle.co.zw/bankers-elect-new-president-deputy/">Chronicle</a>

Bankers Association Of Zimbabwe Elects New President

The Zimbabwe Banks and Allied Workers Union (Zibawu) is threatening to go on strike after negotiations for a salary increment broke down. The workers are demanding 60 percent increment across the board while the Bankers Association of Zimbabwe (BAZ) has offered only 3.4 percent. A memo addressed to all Zibawu members reads,
<blockquote>We advise that after four meetings, we failed to agree on 2018 salary increments. We are demanding a 60 percent across the board increment premised on the outcome of our nationwide consultations. Our members justifiably demanded a substantial salary increase due to the dictates of the market. There are now about four tier prices for goods and services. Thus four different prices for bond notes, RTGS (real time gross settlement), mo-r bile money transfer and US dollar cash.
…In the meantime in order to set our plans in motion, we will be getting a notice to embark on collective job action.</blockquote>
Teachers are also <a href="https://news.pindula.co.zw/2018/05/02/full-text-teachers-declare-strike/" rel="noopener" target="_blank">threatening to go on strike when schools open</a> although the government has warned them that t<a href="https://news.pindula.co.zw/2018/05/03/its-illegal-to-go-on-strike-before-negotiating-3-times-govt-tells-teachers/" rel="noopener" target="_blank">heir strike will be illegal and premature.</a>
More: Financial Gazette

Bank Workers Threaten To Go On Strike, Demand 60% Increment, Offered 3.4 %

Responding to questions at the recently held ZimTrade annual exporters’ conference held in Harare, Bankers Association of Zimbabwe (BAZ) president Dr <a href="http://www.pindula.co.zw/Charity_Jinya">Charity Jinya</a> said banks are prioritising exporters for cash withdrawals and foreign currency allocation over individual account holders.
Said Dr Jinya:
<blockquote>For people who are not exporters, the likelihood of getting cash from banks are slim, under the current situation. That is why we are encouraging the use of plastic money When we receive cash, we have to think if we should give it to individuals or companies that will generate more cash and foreign currency. This is a difficult decision we have to take, we have to face the truth, cash is a scarce commodity and therefore it should be rationed. That is why we are encouraging the use of electronic platforms.</blockquote>
More: <a href="http://www.herald.co.zw/no-cash-for-individuals-says-baz/">Herald</a>

No cash for individuals says Banks

In a ministerial statement on cash shortages and bank charges delivered in Parliament on Thursday, Finance Minister Patrick Chinamasa said that investigations were being carried out to establish the source of the new bond notes that are in the streets.
Chinamasa also denied that the Reserve Bank of Zimbabwe (RBZ) and his ministry are buying foreign currency off the streets. He said that RBZ will investigate banks the same way they investigated the driver who leaked the bond notes invoice. Said Chinamasa:
<blockquote>Relating to the pictures and videos of wads of bond notes which have been circulating on social media, investigations are being carried out to establish the sources of the new bond notes in the street. My Ministry and the RBZ do not participate in buying currency from the streets. You may be aware that Mrs Tariro Nyazema of Stanbic was caught red-handed, two or so months back with $30 000 that she had exchanged for bond notes at one of the bank’s branches. It is therefore our suspicion that this malpractice could be what is happening at other banks working in cahoots with unscrupulous traders and retailers. The investigations will be done in the same way that the RBZ managed to cause the arrest of Tinashe Sikwila, the driver who was circulating the bond coin invoice from the South African Mint. All of us should also be police officers. If we come across these practices, please report to the police, RBZ and the banks.</blockquote>
More: <a href="http://www.chronicle.co.zw/rbz-probes-banks/">Chronicle</a>

RBZ to investigate banks

In an interview with The Chronicle yesterday, Reserve bank of Zimbabwe (RBZ) Governor John Mangudya said that they are working on statutory instruments that will make it a punishable offence to charge a certain percentage for someone to access money.
Said Mangudya:
<blockquote>This is abuse of office by bankers and it’s a sign of the ugly face of indiscipline. We have instruments that will be turned into law to curb this. We should have a national approach to our challenges .Consumers should advise authorities so that we can take action against that. They can call the RBZ toll free number (TelOne — 08006009 and Econet — 08086770).</blockquote>
Bankers Association of Zimbabwe (BAZ) President Charity Jinya urged members of the public to report the selling of cash.
More: <a href="http://www.herald.co.zw/rbz-to-deal-with-bankers-cash-barons/">Herald</a>

RBZ to deal with bankers & cash barons who are selling cash

Addressing delegates at the two-day Financial Markets Indaba in Harare last week, Barclays Bank Zimbabwe managing director George Guvamatanga said that the adoption of the rand is not the solution to Zimbabwe’s current cash crisis. He also said if issues of productivity are not addressed the country will continue having cash shortages.
Said Guvamatanga:
<blockquote>Adopting the rand is not the solution. The question we must all answer is do we want to be subjected to the South African monetary authorities. If the fundamental issues of productivity are not addressed we will continue having cash shortages.  One of our biggest problems is resource allocation. Last year we had $5,4 billion in capital inflows, where did all that money go? Since 2009, we have spent over $3,9 billion importing vehicles from Japan.</blockquote>
Bankers Association of Zimbabwe president and managing director for MBCA Bank Charity Jinya Jinya said that the United States dollar is a more stable currency which is the reason why Zimbabweans want to use it. Standard Chartered Bank Zimbabwe chief executive Ralph Watungwa said if the country adopts the South African rand, then it must be prepared to go introduce the Zimbabwean dollar. Steward Bank chief executive Lance Mambondiani said he has no problem in adopting any currency that may help improve the liquidity situation in the country.
More: <a href="https://www.dailynews.co.zw/articles/2017/05/22/zim-banks-reject-rand-adoption">Daily News</a>

Banks reject rand adoption

The Reserve Bank of Zimbabwe has been urged to remove withdrawal limits by the Bankers Association of Zimbabwe (BAZ). The financial institutions want to be allowed to give their clients amounts that will correspond to the cash available.
BAZ president, Dr. Charity Jinya said:
<blockquote>We would rather have them (limits) removed so that each bank uses its knowledge of the client, their requirement and what is available on a day to day basis to issue it.</blockquote>
Jinya also encouraged the public to make greater use of electronic money said:
<blockquote>The market should be encouraged to make greater use of e-channels as opposed to making greater use of cash.</blockquote>
More: <a href="http://manicapost.co.zw/rbz-urged-to-scrap-withdrawal-limits/">Manica Post</a>

Bankers urge RBZ to remove withdrawal limits

Tobacco farmers who spoke to ZBC News at the Tobacco Sales Floor in Harare today said they are yet to get paid since selling their crop last Wednesday despite assurances by the Reserve Bank of Zimbabwe that it will avail money during the tobacco selling season.
Speaking to The Herald, Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya, yesterday said central bank had moved in to address issues which saw some tobacco farmers withdrawing $300 instead of $1 000 per initial sale as announced.
More: <a href="http://www.zbc.co.zw/2017/03/20/tobacco-farmers-yet-to-receive-payment/">ZBC</a>

Tobacco farmers yet to get paid since selling their crop last Wednesday depite RBZ's assurance

The Bankers Association of Zimbabwe (BAZ) has warned that it may be forced to reduce lending if the Reserve Bank of Zimbabwe directs banks to cut interest rates again. The bankers say that in the case that they are directed to cut lending rates they will opt for Treasury Bills which have less risk to them than lending out money.
The central bank ordered banks to cut lending rates which had been as high as 30 percent per annum to between 6 and 12 percent.
BAZ president Charity Jinya told a parliamentary committee on Monday:
<blockquote>The reduction of interest rates may lead to a reduction in lending for some clients depending on their risk profile of those customers so we believe that focusing on interest rates alone might not resolve the funding challenges of the productive sector if the financial views the interest rates to be so low given the high credit risk prevalent in the country,
We would not like to see financial institutions locking up their resources in Treasury Bills which are relatively risk free. We have noted a downward trend in credit creation by banks since the beginning of 2014 while at the same time amounts in treasury bills have been increasing</blockquote>
More: <a href="http://www.newzimbabwe.com/business-35221-Bankers+warn+over+interest+rate+cuts/business.aspx">New Zimbabwe</a>

Banks warn they will reduce lending if RBZ directs them to cut interest rates further

In its latest banking industry quarterly report the <a href="http://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> says the banking sector recorded a 30 percent increase in profits to $111,3 million in the third quarter of 2016.
The central bank also said total banking sector deposits grew to $6,14 billion from $5,67 billion in the previous quarter which accounts for 8,29 percent increase. Part of the report reads:
<blockquote>The banking sector remained profitable during the period ended September 30, 2016, with an aggregate net profit of $111,30 million, representing an increase of 29,28 percent from the $86,09 million reported for the same period in 2015. A total of 17 out of 19 operating banking institutions recorded profits during the period ended 30 September 2016.</blockquote>
More: <a href="http://www.chronicle.co.zw/banks-post-111m-q3-profit/">Chronicle</a>

Banks record 30% increase in profits

Speaking during a cash crisis and bond notes public meeting held in Bulawayo on Friday, <a href="http://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe</a>, deputy governor Kupukile Mlambo revealed that most banks have used up the <a href="http://www.pindula.co.zw/Zimbabwe_Bond_Notes">bond notes</a> that they received from central bank due to high demand for the surrogate currency.
Mlambo also said that they will be meeting with banks to discuss how they are going to address the situation. He said:
<blockquote>The banks have run out of bonds notes in their vaults. We will be having a meeting with the banks and see how we can address the situation. We do not have too much bonds in circulation because we want the notes to be a viable facility for the public.</blockquote>
RBZ released the bond notes on Monday and hoped that they would ease the cash shortages and lessen the bank queues but this was not so as they coincided with salary for both civil and private sector workers as well as pensioners.
More: <a href="http://www.newzimbabwe.com/news-33577-RBZ+Huge+bollars+demand,+banks+run+out/news.aspx">NewZimbabwe.com</a>

Banks run out of bond notes due to high demand: RBZ

The Bankers Association of Zimbabwe (BAZ) is yet to respond to a request by This Flag Movement to hold a meeting on <a href="http://www.pindula.co.zw/Zimbabwe_Bond_Notes">bond notes</a>. <a href="http://www.pindula.co.zw/This_Flag_Movement">This Flag </a>revealed that it wrote to the association on 7 November to request a citizens’ meeting on the impending introduction of bond notes. BAZ, as the representative for all banks, was asked to avail themselves to citizens in an attempt to further understand what bond notes are going to mean for citizen’s accounts and savings. BAZ has not responded to the social movement’s request despite several calls and an email.
More: <a href="https://www.facebook.com/ThisFlag/photos/a.1727396057499601.1073741828.1723708841201656/1810355172537022/?type=3">This Flag on Facebook</a>

Bankers fail to respond to ThisFlag's request for meeting on bond notes

Findings from the draft national competitiveness report have shown that banks in Zimbabwe could still be overcharging borrowers through charges and the high cost of loans, despite the central bank putting a cap on lending rates. The report says borrowers could be paying effective interest rates on bank loans in excess of 24 percent annually made up of the lending rates, establishment fees and insurance costs.
In terms of the interest rate framework put in place by the <a href="http://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe</a>, banks may charge interest of up to 18 percent per annum on loans, excluding other loan charges. Lending rates may, however, vary and may be as low as 8 percent per year depending on the class of the borrower and risk.
The findings are part of a study on national competitiveness, which was carried out by the National Economic Consultative Forum, instructed and funded by the Ministry of Finance and Economic Development and its development partners.
More: <a href="http://www.herald.co.zw/banks-fleece-borrowers/">Herald</a>

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