Zimbabwe to Set New Capital Requirements for Banks, News Says

Zimbabwe will raise capital requirements for banks from $12.5 million, the Daily News said, citing central bank Governor Gideon Gono.

Gono didn’t say how much the banks would have to maintain as minimum capital, the Harare-based newspaper said. Twenty of Zimbabwe’s 25 licensed banks have capital reserves in excess of $12.5 million, it said.

Barbican Bank (Pvt) Ltd. may lose its license after failing to open a year after it was licensed, Daily News said. Royal Bank (Pvt) Ltd. and Zimbabwe Allied Banking Group (Pvt) Ltd. have less than $12.5 million in capital reserves, it said.

To contact the reporter on this story: Brian Latham in Johannesburg at blatham@bloomberg.net.

To contact the editor responsible for this story: Antony Sguazzin in Johannesburg at asguazzin@bloomberg.net.

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