FIRST Mutual Holdings Limited (FML) says it has continued to expand its US dollar-based product portfolio to maintain product relevance as the economy has increasingly dollarised.
The market has seen elevated demand for foreign currency for purposes of value preservation. The high demand for foreign currency on the economy was coupled with the sudden decline in the demand for local currency.
“… the group maintained its stance of diversifying its pool of investment assets with a skew towards real assets to minimise the impact of the volatility in the macro-economic environment,” FML’s chairman, Amos Manzai, said in a statement accompanying the group’s financials.