Reserve Bank of Zimbabwe (RBZ) governor John Mangudya on Wednesday said that the US$600 million nostro stabilisation facility from the African Export-Import Bank (Afreximbank) will prevent the shortage of foreign currency for the next 6-8 months. This comes as the country is battling critical foreign currency shortages.
Said Mandugya:
This facility will last us for six to eight months because, during the tobacco season, we received only US$320 million in tobacco foreign receipts and this lasted for six months. We could have asked the Afreximbank for US$300 million nostro stabilisation but due to the increased demand for foreign currency in the economy, we settled for US$600 million.
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