Zimbabwe borrows $985 million from African banks for imports – Official

Photo: wallpaperpimper.com

Zimbabwe’s Reserve Bank has borrowed $985 million from African banks to purchase fuel and other critical imports, its governor, John Mangudya, told parliament.

Mr Mangudya said on Monday in Harare that the money was borrowed from Mozambique’s central bank, the African Export and Import Bank (Afreximbank) and others.

Zimbabwe is in the grips of a severe dollar crunch and last month ditched a discredited 1:1 dollar peg for surrogate bond notes and electronic dollars, merging them into a lower-value transitional currency called the RTGS dollar.

The new currency (RTGS dollar), which exchanges at 2.5 to the U.S. dollar, is an attempt by the government to stem chronic cash shortages.



PT Mag Campaign AD

Support PREMIUM TIMES' journalism of integrity and credibility

Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.

For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.

By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.


TEXT AD: To advertise here . Call Willie +2347088095401...

NEVER MISS A THING AGAIN! Subscribe to our newsletter

* indicates required


Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.