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THE Reserve Bank of Zimbabwe has instructed local banks to stop offering overdrafts to customers seeking to settle their foreign obligations, as it battles to control a worsening foreign currency crisis.

Central bank governor, John Mangudya, said banks have been stopped from offering overdraft facilities for cross-border transactions.

Mangudya said: “We do not want foreign purchases backed by overdrafts. We stopped banks from doing it. What we want is to have these foreign payments funded by money in your account.

He said banks that wanted to support their customers “should arrange lines of credit for their customers”. “We need discipline,” he said, while addressing a public dialogue on the cash crisis in the capital last week.

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