Steward Bank Suffered A $21 Million Foreign Exchange Loss

Steward Bank reported a $14.37 Million loss for 6 months leading to 31 August 2019 Newsday reports. The loss was mainly due to inflation and the rising operating costs.

This was revealed by Steward Bank’s board Chairman Benard Chidzero who released a statement to accompany the banks’ financial results for the period in question. Chidzero said:

…Consequently the bank exprienced foreigh exchange losses of $21 the continued devaluation of the RTGS poses a risk to Steward Bank’s Balance sheet.

Cassava and Econet also posted foreign exchange losses, for the period in question.

 


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