ZIMBABWEDeposit insurer runs out of cash

Zimbabwe’s state-run Deposit Protection Corporation needed $135 million (R1.2 billion) to meet its capitalisation requirements and pay depositors who lost money during the nation’s decade-long recession, the Sunday Mail said yesterday. The corporation had paid depositors who lost funds in the collapse of four financial institutions, the body’s chief executive, John Chikura, told the newspaper. More than half of depositors at Genesis Bank had been reimbursed, while those at Royal Bank had not been paid, the Sunday Mail reported. – Bloomberg