STANDARD Chartered Bank Zimbabwe (StanChart) says it recorded a $134 million loss in the financial year to December 2019 due to the country’s hyperinflationary environment.
This was after the southern African country’s inflation had surged from 57 percent in January to 521 percent in December.
Lovemore Manatsa, StanChart’s board chairman, said the bank achieved a profit after tax of $103,8 million, on a historical cost basis compared to the $18,4 million in 2018.
Advertisements
Ralph Watungwa, Stanchart Zimbabwe’s chief executive
Subscribe to The Financial Gazette
This is premium content. Subscribe to read article.
Login if you have purchased