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HomeBusinessBarclays Bank Records Seven Percent Increase in Deposits

Barclays Bank Records Seven Percent Increase in Deposits

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Barclays Bank of Zimbabwe has recorded a seven percent increase in deposits totaling US$7 Billion for the half year ended 30 June 2017.

The Group chairman, Antony Mandiwanza said bills in issue also increased during the same period and liquidity was mostly retained in Real Time Gross Settlement accounts, mainly to support increasing volumes of electronic money transfers.

“During the six months period to June 2017 treasury bills in issue increased from US$2.1 billion to US$2.5 billion.

“The level of government borrowings through issuance of treasury bills has the effect of crowding out lending to the private sector whilst also increasing demand for cash and foreign currency resources under the multi-currency system.

“The increase in liquidity was mostly retained in Real Time Gross Settlement accounts, mainly to support increasing volumes of electronic money transfers with more also deployed in treasury bills and other money market instruments.

He added that the 2016/17 agricultural season yielded above expected levels of maize grain with authorities projecting a harvest of about two million tonnes.

“The 2016/17 agricultural season yielded above expected levels of maize grain with authorities projecting a harvest of about two million tonnes.

“Tobacco volumes brought to the auction floors to date have largely been in line with prior year but yielding slightly better average prices, gold and platinum also enjoyed significant price recoveries of 7.5% and 1.7% respectively, over the year to date.

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“The performance of these soft and hard commodities in volume and price is expected to assist in easing pressure on the external sector, provided the level of imports will continue to be contained,” said Mandiwanza.

The Bank is confident that at the current run rate, it is well on course to meet the 2020 minimum core capital level of US$100 million from growth and retention of profits.

The Bank’s total capital adequacy ratio closed the half year at 25% above the regulatory minimum of 12% which reflects significant capacity to grow assets.

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