WASHINGTON —
The collapse of Allied Bank has left thousands of depositors in the lurch, wondering if and when they will be able to recoup their accounts.
The commercial bank, owned by Zanu PF politician and Transport Minister Obert Mpofu, volunteered the cancellation of its license on Thursday after battling unrelenting financial challenges since its founding in 2005.
While the Reserve Bank of Zimbabwe (RBZ) has described the banking sector as “generally stable,” many people worry about the security of their accounts, given the enduring liquidity crisis.
So we’ve got to ask, just how vulnerable are Zimbabwean banks? Not so fragile, yet not out of the woods either, says economic analyst Masimba Kuchera.
