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Zimbabwe to relax its black ownership laws

Zimbabwe is to relax its black ownership laws, as the country’s economy shows signs of slowing down. Finance Minister Patrick Chinamasa says the country’s indigenisation ministry is to submit plans to cabinet to tailor equity thresholds for each sector.

Zimbabwe is experiencing deflation following a slump in production and investments which economists blame on the indigenisation policy which forces foreign owned companies to sell a 51 percent stake to local blacks. The new equity model is expected to benefit the banking sector dominated by foreign players.