Zimbabwe’s largest banking group, CBZ Holdings has applauded monetary authorities for pursuing measures aimed at containing inflation.
Last month, the government introduced a cocktail of measures including a temporary ban on the extension of loans by banks on the back of investigations to sniff out exchange rate manipulators.
Last week the government revealed that during the crackdown, 12 banks were caught on the wrong side and fined for contributing to the rise of parallel market rates.
Presenting the financial performance for the financial year which ended December 31 2021 recently, CBZ Holdings group chairman, Marc Holtzman hailed authorities for employing the right measures, according to NewZimbabwe. He said:
The monetary authorities also pursued complementary monetary policy measures, to fight evident inflationary pressures and at the same time promote economic activity and growth through credit expansion and investment in the productive sectors.
The improved economic activity, together with elevated diaspora remittances, both supported and boosted individual and household incomes, further stimulated and sustained demand in the tertiary sectors of the economy.
During the period, the group posted a profit after tax of ZW$7 707 million and a total comprehensive income of ZW$ 9 458 million while on the capital markets, the CBZH share price declined by 11.8% from ZWL$85 at the beginning of the year to close at ZWL$75.20.
The Zimbabwe Stock Exchange (ZSE) benchmark index rose by 311% growth with the CBZH ending the year with a market capitalisation of ZWL$39.3 billion.