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Thursday, 24 March 2011 13:43

Zimbabwe: Capitalise Business - Mushore

HARARE, Zimbabwe, March 24, 2011 (Z-News) - NMB Bank is one of the banks that survived the turmoil in the financial services sector which saw some of its directors skipping the country after authorities started going after them for allegedly externalising foreign currency.


Its CEO James Mushore, who was acquitted of charges of externalising Z$30 million reflects on the bank's future and the state of Zimbabwe's financial services sector in an interview with Standardbusiness's Kudzai Chimhangwa.


Q: What is your assessment of the performance of the country's financial services since dollarisation in 2009?

A: A lot of confidence has been gained to date as shown by the increased deposits in a number of commercial banks. People were fed up with the knowledge that in the past they had to queue for money, let alone be restricted by limited withdrawals on their banked money. Those with foreign currency accounts had their money taken away by the Reserve Bank of Zimbabwe (RBZ). At the time of dollarisation, only US$100 million accounted for government deposits. Businesses and banks now have the distinct ability to plan cash flows based on real costs, they can now do things in a first world way.


What gaps have you noticed or identified in the information technology sector, which may need improvement for the country to have enhanced e-commerce and e-banking?

Infrastructural challenges pose a huge hurdle in this regard and need to be sorted out as soon as yesterday. Our road transport network needs a major overhaul while municipal services in the form of water must be prioritised.


It also goes without saying that the electricity shortages are a serious problem. The smooth performance of the ICT sector hinges on these critical aspects. Businesses are insufficiently capitalised so there is need for retooling in the form of equipment for purposes of efficiency.

There just isn't any long-term funding as it is currently restricted to 30, 60 and 90 day periods.


Q: How hard-hit is NMB by the ephemeral capital and deposits being caused by policy uncertainty and low liquidity levels?

A: We as banks just have to be careful. We are measuring assets with liabilities and reviewing liquidity levels on a day-to-day basis. There is no lender of last resort and this is giving us a lot of challenges.


Q: Since the RBZ determines the number of shares that must remain on the stock exchange register, has NMB, which is dually listed, faced any problems transferring shares from one bourse to another?

Quite frankly, none because there is presently no two- way fungability (the ability to transfer shares from one bourse to another). We haven't encountered serious challenges because shares can be transferred from the London Stock Exchange to the Zimbabwe Stock Exchange without much restriction, whereas they can't be transferred from the ZSE to the LSE due to the exchange control regulations. I think these regulations should be done away with all together, we don't need them.


Right now South Africa is a favourable and attractive investment destination because of fewer restrictions. We must bear in mind the fact that investors have choices and they look for places that have the best returns with less investment risk.

Q: Is the NMB's capital base sufficient to lure international investors considering the bank's recapitalisation moves made last year?

A: It's all really a matter of politics. The details come after the issues of sovereign risk are taken into consideration. Investors are currently considering the country risk, the macro-economic environment and what government policies are likely to be.


We as bankers find it difficult to guarantee loans in an environment where there is no clarity of policy. For the record, no private commercial bank in Zimbabwe has ever defaulted on a foreign loan obligation. But, with the policy inconsistency surrounding indigenisation, the investor says to himself, I will wait. (END/2011)


Прошло немало времени, говорит Анубис.

Десмонд Драм еще не успел забыть, сколь сильна юношеская любовь.

Я имел в виду одеяние священника, "Игры скачать ален шутер"шумерский килт, пусть "Скачать star песню"даже официальное кимоно или простой деловой костюм.

Ему немедленно представилось, как слуги его врага передают этот странный камень из рук в руки.

Пытаетесь, да не так, гнул свое пришелец.

Поезд доехал до рощи, а потом погрузил добычу на двигатель и вагончик.

Второй, и "Экспертиза научной и практической ценности документов"более убедительной, причиной, почему он предоставил Спайдо выбирать дорогу, была "Экспертиза ценности документов"уверенность в том, что любой из его старых "Экспертное исследование результатов инвентаризации"врагов, "Экспертиза ценности "Экспертизы ценности документа, принципы, критерии"документов"href="http://www.roboticsurgery.gr/logs/docs/ekspertiza_cennosti_dokumentov.html" title="Экспертиза "Электронная сдача отчетности - преимущества и недостатки"ценности документов">Экспертиза ценности документов"стараясь предугадать действия Гара Квитника, будет совершенно неспособен "Экспертное исследование учета текущих расчетов с контрагентами на примере ООО 'Типол-Топ'"предсказать поступки Спайдо.

Вверх по склону "Электронный архив организации: типология, основные задачи и принципы деятельности"прискакал Злюка, гоня перед собой Голубя, Ночное Небо и Пламя коня Рейфа.

Приближался момент, "Элементы метода бухгалтерского учета при выявлении и расследовании экономических преступлений"ради которого и был задуман весь хитроумный план Аззи.

В конце концов, архангелу не грозит опасность встречи с каким-нибудь наглецом или хулиганом.

Никого из тех, чьи имена сразу приходят в голову, милорд.

Дюбуа тоже не произвел на меня впечатление человека, который разбалтывает чужие имена и секреты.


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