Good year ahead for Zimbabwe banking sector

Good year ahead for banking sector

CONFIDENCE in the banking sector is set to increase in 2015 at the back of various initiatives the Reserve bank of Zimbabwe is considering in a bid to restore stability in the sector, John Mangudya said.

Mangudya said the central bank has earmarked 2015 for development and transformation of the banking sector.
“We have been working on a one on one basis with the struggling banks and we are certain next year the sector will be stable. Banking sector stability will improve next year as we are looking into various initiatives that will restore confidence in the sector. We are aware of suspicious transactions resulting in illicit flows of cash out of the country. We are monitoring the illicit deals and will next year impeach the suspects” he said.

Meanwhile, Mangudya added that the bond coins which have already began circulating will not exceed US$50 million at least in the next three years until economic fundamentals are right.

“Bond coins will not go beyond the US$50 million facility and the ratio will be maintained at one percent” he said. Mangudya said the imported bond coins are not increasing liquidity but completing the […]

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