Non Performing Loans surge on new accounting measures

RESERVE Bank of Zimbabwe governor John Mangudya says the country’s banking sector non-performing loans (NPLs) increased by about $85 million in 2018 after implementing the International Financial Reporting Standard 9 (NewIFRS 9). IFRS 9 — which replaced the International Accounting Standard 39 — requires the recording of expected losses on financial assets, such as loans,…