Reserve Bank of Zimbabwe (RBZ) governor John Mangudya on Wednesday said that the US$600 million nostro stabilisation facility from the African Export-Import Bank (Afreximbank) will prevent the shortage of foreign currency for the next 6-8 months. This comes as the country is battling critical foreign currency shortages.
This facility will last us for six to eight months because, during the tobacco season, we received only US$320 million in tobacco foreign receipts and this lasted for six months. We could have asked the Afreximbank for US$300 million nostro stabilisation but due to the increased demand for foreign currency in the economy, we settled for US$600 million.
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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
John Panonetsa Mangudya is an economist and the current Reserve Bank of Zimbabwe governor. Mangudya, who sits on many local and international boards .He was made RBZ governor after the expiry of Gideon Gono's term in 2014. He had been CBZ Holdings Ltd Chief Executive... Read More About John Mangudya