Video:Banks to meet new capital thresholds by 2017

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LOCAL banks are expected to meet the new Reserve of Zimbabwe minimum capital requirements in two years ahead of the 2020 deadline, a senior central bank official said on Thursday.

RBZ director in charge of supervision, Norman Mataruka said the country’s banking sector is safe and sound despite the closures of seven institutions over the last six years.

The apex bank raised the core capital of banks to US$100 million for international banks and US$25 million for local banks two years ago to improve the underwriting capacity of the sector.

Genesis, Trust, Allied, AfrAsia, Tetrad, Royal and Interfin all went down after the introduction of the multi-currencies in 2009.-Bernard Mpofu

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