Zimbabwe: Gono Increases Capital Requirement for Banks

2 August 2012

By Tichaona Sibanda

The Reserve Bank of Zimbabwe on Wednesday increased the minimum capital requirements for banks to $100 million, a move that some fear will hurt the financial sector.

But central bank governor Gideon Gono said the plan is to create a strong and healthy banking sector. In his monetary policy statement Gono pushed for consolidation, warning that poorly capitalized banks posed a threat to the stability of the financial sector and the economy as a whole.

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