First Capital Bank Limited (FCA.zw) HY2019 Interim Report

We have extracted a Chairman’s Statement from 2019 half year interim report for First Capital Bank Limited (FCA.zw), listed on the Zimbabwe Stock Exchange:

The macroeconomic backdrop

The macroeconomic environment in the first half of 2019 has been challenging. Year on year inflation was reported at 175.66% at the end of the period under review. Demand for goods and services continued to be depressed. Price distortions that existed from prior periods continued to be observed in the market, threatening the viability of some businesses. A number of significant policy changes aimed at addressing the currency issues as well as fiscal and exte