The Reserve Bank of Zimbabwe (RBZ) has set as its target the end of the year to clear the backlog of foreign currency payments. Despite the setting up of a nostro stabilisation fund, the central bank is struggling to make foreign payments, a situation which has negatively affected many businesses which export raw materials.
RBZ deputy governor, Kupukile Mlambo said:
We rely on four commodities on exports and the major one is tobacco, but between October and February we don’t have tobacco. So we want to make sure we have enough resources until next year. The month of December has a lot of expenditure that requires foreign currency. We want to clear all foreign payment backlogs by year end such that by January we will start on a clean page. Last year, we imported much maize, but this year we have a much better harvest. But the challenges are there we are not producing and exporting enough.
The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About Reserve Bank of Zimbabwe