FCB banks on ZWL$ stability

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FIRST Capital Bank (FCB) is optimistic that a sustained stability of the ZWL$ will help it to meet the US$30 million minimum capital requirement as directed by the Reserve Bank of Zimbabwe (RBZ) by December 31, 2021.
Weekly currency auctions introduced by the RBZ last June have been credited with the stabilisation of the ZWL$ and a decline in the country’s inflation from 836 percent in July 2020 to 194 percent last month.

In a trading update, the Zimbabwe Stock Exchange-listed bank last week said indications were that it could reach the threshold six months before the set deadline.
“The bank expects that the US$30 million capital requirement will be achieved by 30 June, if the current level of performance together with exchange rate stability is sustained,” it said.