Farai Mabeza, Senior Staff Writer 
CBZ Holdings says rising external debt is likely to remain challenging due to continued tight monetary policy regimes across the globe.
In a trading update for the nine months ended September 30, 2023, the diversified group noted that the likelihood of further interest rate hikes also remained relatively high, thereby perpetuating high interest rate risks on externally mobilised debt.
“Going forward, geopolitical tensions in Eastern Europe, the Middle East and some parts of Africa will continue to pose significant downside risks to the global and continental macroeconomic outlook, especially in the areas of supply chains and crude oil markets,” CBZ said in the update.
Most central banks maintained tight monetary policy stances during the third quarter of 2023. The United States Federal Reserve increased the Fed Rate by 25 basis points to the 5,25 to 5,50 percent range, whilst the European Central Bank raised its deposit rate from 3,75 percent to 4,0 percent — the highest level since 1999.
Marc Holtzman, Chairman of CBZ Holdings (right), and Dr Blessing Mudavanhu, chief executive of CBZ Holdings
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