RBZ Releases $7 Million For Wheat Procurement

The Reserve Bank of Zimbabwe (RBZ) has released US$7 million for wheat payments as the shortage of bread persists in the country.

The money will cater for 19 000 metric tonnes of wheat bonded in Beira, Mozambique and will guarantee the availability of bread for two and a half weeks.

Grain Millers Association of Zimbabwe (GMAZ) chairman, Tafadzwa Musarara revealed this on Wednesday. He said:

The 19 000 metric tonnes of wheat will cover the national flour requirements for the next two and a half weeks and the National Railways of Zimbabwe is in the process of loading the paid consignment which will start trickling into the country next week.

The situation is expected to improve the supply of flour starting next week.

Musarara further revealed that there is another consignment of wheat bonded in Mozambique amounting to 60 000 metric tonnes. GMAZ is yet to reach an agreement with the Central Bank on the funding modalities for the wheat.

Zimbabwe is now a net importer of wheat following years of decline in local production as the sector has not yet recovered from the chaotic land reform programme at the turn of the millennium.

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Reserve Bank of ZimbabweTafadzwa Musarara

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

Tafadzwa Musarara is a Zimbabwean entrepreneur and a member of the empowerment lobby group, Affirmative Action Group. Read More About Tafadzwa Musarara

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