Zimbabwe Banks To Accept Goats, TV Sets As Collateral For Loans

Banks in Zimbabwe may soon be compelled to accept livestock such as cattle, goats and sheep as collateral for cash loans to informal businesses. 

Bloomberg reports that a bill for the acceptance of livestock as collateral is currently before the Zimbabwean parliament. Vehicles, television sets, refrigerators, computers and other household appliances will also become acceptable as collateral.

Finance and Economic Development Minister Patrick Chinamasa, said the bill is the country's response to to the needs of its highly informalized economy.