Afreximbank Has Offered To Guarantee 1:1 Convertibility Of RTGS Balances Into US$ – Mthuli Ncube

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Mthuli Ncube with Afreximbank President, Dr Benedict Oromah



Minister of Finance and Economic Planning Mthuli Ncube has claimed that the African Export and Import Bank (Afreximbank) has offered Zimbabwe a facility to guarantee the convertibility of real-time gross settlement (RTGS) bank balances into United States Dollars. Ncube also said that the bank had pledged to guarantee the availability of United States Dollars for Nostro foreign currency accounts. The minister seems to be backtracking on the pronouncements he made on Monday. Speaking at Chatham House, Ncube said that bond notes were not at par with United States Dollars and said that he was not going to argue with the market which had made the declaration. The minister seems to have changed his position and is now saying that the government will maintain that RTGS balances are equal to United States dollars as a way to preserve people’s savings.

Writing on Twitter, Ncube said,

Today in Bali, Indonesia at the IMF/World Bank Meetings, I had fruitful discussions with the President of Afreximbank Dr Oramah. Afreximbank has offered Zimbabwe a facility to guarantee 1:1 Convertibility of RTGS balances into US$ and availability of US$ for Nostro FCAs.

In a statement, the Minister also said that all cooperating partners had endorsed Zimbabwe’s latest economic blueprint, the Transitional Stabilization Program (TSP). Part of the statement from the Minister reads,

The co-operating partners expressed their endorsement to the Transitional Stabilisation Programme, as it captures adequately the policy reforms that Government is implementing in order to turn around the country’s economic fortunes. In this regard, the international community emphasized the need to judiciously implement the measures as outlined in the TSP. They reiterated that implementation of the TSP is crucial for arrears clearance.

…It is also important to note that all the cooperating partners and creditors present, uniformly expressed their partners for Zimbabwe and its arrears clearance Road Map, and that the meeting has been the best so far on Zimbabwe’s arrears clearance process.



Mthuli Ncube

Professor Mthuli Ncube is the Minister of Finance and Economic Development.He was the Chief Economist and Vice President of the African Development Bank ,financial, economics, investment, and public policy expert, entrepreneur and academic. Professor Ncube divides his time between the private sector in Switzerland and... Read More About Mthuli Ncube

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  1. Alistair Reply

    Hardly backtracking … what Mthuli Ncube said was bond is not 1:1 with the USD but the govt to preserve current rtgs deposits on 1:1 exchange rate to preserve people’s savings … which means any people who have rushed to change their rtgs balances into USD at these crazy rates will end up getting short changed.

  2. timot Reply

    His Transitional programme is good except for the chaos which the governor created by separating rtgs a/cs and fc a/cs.There is a lot of inconsistency in terms of policy formulation and implementation in our economy.The market payers are taking positions in response to issues concerning Rtgs and US dollars.Herging and speculation is normal in an economy were market participants have lost confidence. My question is Wy do we import cooking oil in a country blessed with vast fertile soils.Wy can’t these peasant farmers be capacitated to produce sunflower and soya beans as being done to cotton.

  3. moyo Reply

    Our professor i understand if u ar given the chance you can make it.You can make zim a middle income economy before 2030. We can’t bleed our economy by importing cooking oil, wheat, finished clothing items. Most of the clothing items in the market are imports.This is a key sector that if given attention foreign currency will be saved and employment created.It shows that our agric sector is in disorder.You are the finance minister but they need your remote advice.May be in this new dispensation they are now organised.lets wait and see.

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