Bloomberg News

Zimbabwe Rejects Foreign Banks’ Bid on Offshore Balance Limits

March 09, 2012

Zimbabwe’s central bank rejected an application by Barclays Bank of Zimbabwe Ltd. and the local unit of Standard Chartered (STAN) Bank Plc to keep more than 25 percent of their cash balances offshore.

“The Reserve Bank of Zimbabwe shall be meeting with banks that have not complied with a view of taking stern measures to ensure compliance,” Harare-based central bank governor Gideon Gono said in an e-mailed statement today.

Barclays had an offshore account balance balance of $37.4 million rather than $16.4 million, while Standard’s offshore amount was $109.3 million instead of $28.4 million, Gono said.

To contact the reporter on this story: Godfrey Marawanyika in Johannesburg at gmarawanyika@bloomberg.net

To contact the editor responsible for this story: Hilton Shone at hshone@bloomberg.net


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