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We Have Just Raised US $500 Million From International Banks: Mthuli Ncube

Zimbabwe’s Finance and Economic Development Minister, Mthuli Ncube announced on Twitter on Saturday 18 May that the government has raised $5010 Million from international banks.

He made the announcement after the RBZ had announced that it would be injecting US $500 million in the Interbank Forex Market on Monday, 20 May. Zimbabweans on social media questioned where the money had come from with some speculating that the government had been buying forex on the black market in the past week.

Mthuli Ncube intervened to explain the source of the money:

https://twitter.com/MthuliNcube/status/1129765683854757888

The RBZ and Ncube’s announcement came after a week of an increased rate of the US dollar to the RTGS$. Zimbabwe is experiencing an acute shortage of foreign currency which has driven the rate up. This has resulted in shortages of some products such as fuel, which has to be imported. It has also resulted in a drastic increase in prices of basic commodities.

Ncube’s announcement tweet was mostly met with negative reactions.

https://twitter.com/PacheduZW/status/1129814410166525952

 

More: Mthuli Ncube on Twitter

 

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