Listed financial services giant, CBZ Holdings Limited has acknowledged the immediate impact exerted by the recently introduced ZiG currency on the back of sound performance in the just-ended quarter.
On April 5, the Reserve Bank of Zimbabwe introduced a new"structured currency" ZiG to tackle the ongoing economic crisis in the country. The new currency is backed by gold and other precious minerals.
"Key policy measures included the continuation of the multicurrency system to 2030 in line with Statutory Instrument 218 of 2023, the introduction of the ZiG as a new currency to replace the ZW$, increase in Statutory Reserve Requirements on foreign currency deposits from 15% to 20% and the reduction in the bank policy rate from 130% to 20%.
Jakanani said going forward, the new measures are expected to foster stability on the foreign exchange markets, whilst perpetuating tight liquidity conditions on the money market. The group said the strong performance was bolstered by a sustained growth in customer numbers, deposits, transactional activity and uptake of the group's comprehensive product range.
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