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“In terms of the value of movable collateral, banks accounted for ZiG32 billion, while law firms registering on behalf of clients recorded a total value of ZiG23,9 billion.”
Instead, the central bank found that these depositors are keeping such cash in safe deposit boxes held with financial institutions and security companies.
HDC’s concerns come as they are targeting exports of US$1,32 billion for the year from increasing the area under horticulture from 36 600 hectares (ha) to 55 300ha.
The CZR urged the central bank to introduce policies that strengthen confidence in the ZiG as the currency’s volatility continues to wipe out business and consumer earnings.