IN A robust display of financial resilience, the Nedbank Group has reported a favourable market climate in Zimbabwe, attributed primarily to the widespread adoption of the US dollar.
This stable currency environment has spurred significant growth in the group’s forex loan book, playing a pivotal role in bolstering the institution’s overall performance.
During a recent media briefing on the group’s financial outcomes for the year ending December 31, 2023, managing executive of Nedbank Africa Regions, Terence Sibaya, highlighted the substantial foreign exchange gains accrued by Nedbank Zimbabwe. This uptick was largely driven by an increase in US dollar transactions and corresponding loan book expansion.