Zimbabwe says foreigners can buy stakes of up to 49 pct in local firms

Zimbabwe will allow foreigners to buy stakes of up to 49 percent in companies listed on its stock exchange as it tries to boost investment and revive its struggling economy, central bank governor John Mangudya said on Thursday.

In a speech, he also said all investments by Zimbabweans abroad would require central bank approval with immediate effect and that banks would be penalised if they allowed external transfers not approved by the central bank.