Zimbabwean banks on Negative Rating Watch-GCR

[Bulls n Bears]

 <http://www.nedbank.co.zw/> 

 

 

Zimbabwean banks on Negative Rating Watch-GCR

 

  

Harare, 25 October 2018 - The Global Credit Rating Company (GCR)  has
placed the national scale ratings of Zimbabwean financial institutions on
Negative Rating Watch citing potentially adverse impact from the recently
announced Fiscal and Monetary Policies as well as the Transitional
Stabilisation Programme. GCR cited among other things the negatively
received 2% Intermediated Transfer Tax, separation of bank balance sheets
into local RTGS foreign currency accounts (FCA) and NOSTRO FCAs in a bid to
protect foreign currency earners from the severe foreign currency shortages
in the country. The above developments were negatively received by the
market and sparked a huge discount trade in the parallel markets between the
RTGS and USD, hoarding of basic commodities, flight to shelter on the stock
exchange or in fixed assets, and some retailers refusing to accept local
RTGS for transactions opting rather for forex or temporarily shutting down.

 

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