Published: 27 July 2018

The Zimbabwe Asset Management Company (Zamco), a special purpose vehicle created by the Reserve Bank of Zimbabwe (RBZ) to rid the banking sector of non-performing loans (NPLs), has so far acquired $1,1 billion worth of bad loans, chief executive Cosmas Kanhai said.

While Zamco had since officially closed the acquisition of ordinary NPLs, in terms of its original mandate, Kanhai said the central bank's special purpose vehicle (SPV) would continue acquiring bad loans of national interest or with a bearing on the stability of the banking sector.

In an interview, Kanhai said Zamco was now in the second phase of its mandate, which entailed resolution of NPLs it had assumed, amid revelations half of the $1,1 billion bad loans have been evaluated to determine the best resolution strategy for each one.
- Business Weekly

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