Reserve Bank of Zimbabwe sets up ‘bad bank'

zimbabwe

The Reserve Bank of Zimbabwe (RBZ) has set up a ‘bad bank' to mop up non-performing loans (NPLs) that are hampering banks' ability to lend to the country's troubled economy.

The Zimbabwe Asset Management Corporation (Zamco) had acquired $45 million worth of NPLs from three banks as at August 15, RBZ governor John Mangudya said in a monetary policy statement on Monday.

The wide-ranging statement on the challenges facing Zimbabwe's economy contained the first mention of the bad bank, which Mangudy

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