South African Airways Has US $85 Million Stuck In Zimbabwe

South African’s national airline, South African Airways has about US $85 million (R1.1bn) stuck in Zimbabwe due to the currency situation in the country. The airline cannot repatriate its money, which is in bank accounts in Zimbabwe.

SAA Regional Manager, Winnie Muchanyuka said the airline will comply with recent regulations requiring that money in bank accounts be moved to thr Reserve Bank of Zimbabwe so that it takes responsibility for the payments.

Said Muchanyuka:

SAA will comply with exchange control regulations of the land and as such the debt will be moved to Reserve Bank as per statute, we await instructions from the bank as to how the process will flow

More: Fin24


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Reserve Bank of Zimbabwe

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

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