RBZ Sink In Dept To Ease Cash Crunch
Published: 2016 April 06 05:05:42 (3891 Views)
THE Reserve Bank of Zimbabwe has enlisted support from Afreximbank to put in place a nostro and export support facility as part of efforts to mitigate the cash crisis in the economy.
RBZ Governor Dr John Mangudya said the facility will help stabilise the cyclical cash cycle in an economy that has domesticated foreign currencies to make its official currency.
The facility will bridge the gap between the high demand for cash, October to February, when only gold and platinum are major export earners before tobacco chips in around March.
Afreximbank president Dr Benedict Okey Oramah, visiting Zimbabwe for the first time since his appointment in September last year, pledged to help Zimbabwe stem out its liquidity crisis.
Apart from the $200 million interbank facility, $200 million for grain imports and $150 million for small-scale gold mining, Afreximbank will unveil $819 million debt bridging finance to help in the arrears clearance strategy.
Dr Mangudya said the Afreximbank facility should help relieve pressure on the nostros, foreign based bank accounts used to support transactions abroad, exerted by a huge import bill.
The central bank Governor said the facility would be termed “Afreximbank-RBZ Counter Cyclical Nostro and Export Support Facility, designed to improve liquidity in the economy.
The RBZ chief said the cash squeeze justified the need to rally behind the Buy Zimbabwe campaign.
- Herald
RBZ Governor Dr John Mangudya said the facility will help stabilise the cyclical cash cycle in an economy that has domesticated foreign currencies to make its official currency.
The facility will bridge the gap between the high demand for cash, October to February, when only gold and platinum are major export earners before tobacco chips in around March.
Afreximbank president Dr Benedict Okey Oramah, visiting Zimbabwe for the first time since his appointment in September last year, pledged to help Zimbabwe stem out its liquidity crisis.
Apart from the $200 million interbank facility, $200 million for grain imports and $150 million for small-scale gold mining, Afreximbank will unveil $819 million debt bridging finance to help in the arrears clearance strategy.
Dr Mangudya said the Afreximbank facility should help relieve pressure on the nostros, foreign based bank accounts used to support transactions abroad, exerted by a huge import bill.
The central bank Governor said the facility would be termed “Afreximbank-RBZ Counter Cyclical Nostro and Export Support Facility, designed to improve liquidity in the economy.
The RBZ chief said the cash squeeze justified the need to rally behind the Buy Zimbabwe campaign.
- Herald
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