Minimum capital requirements raised
31 Jul 2012
The 2012 Mid-Term Monetary Policy Review Statement, issued in the Reserve Bank of Zimbabwe Act, provides that commercial and merchant banks whose current minimum capital requirements are US $10 million and US $12.5 million respectively need to have a minimum of US $25 million in capital by December 2012 and US $100 million by June 2014. The minimum capital requirement for mortgage lenders will rise from US $10 million at present to US $20 million by year-end and US $80 million by June 2014. The increases are even sharper for building societies (from US $10 miilion to US $80 million), finance and discount houses (US $7.5 million to US $60 million) and micro-finance institutions (US $1 million to US $5 million).
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Type:
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Treatment and operation (Operational conditions)
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Industry:
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Services (Financial and insurance activities)
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Sources:
