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Zim draws down $1,1bn from Afreximbank facilities

The Reserve Bank of Zimbabwe said it drew down as much as $1,1 billion from nostro stabilisation facilities last year extended by the Afreximbank as it sought to stabilise the foreign exchange market. Reserve Bank of Zimbabwe Governor Dr John Mangudya This sustained the financing of critical imports such as fuel, electricity, medicines, fertilisers, cash imports and raw materials, RBZ governor John Mangudya said yesterday. Zimbabwe is facing a critical shortage of foreign currency as imports continue outweighing exports. The country has also not been receiving significant foreign direct investment…

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RBZ unveils measures to boost investment

Dr Mangudya Golden Sibanda and Africa MoyoThe Reserve Bank of Zimbabwe (RBZ) yesterday unveiled a raft of interventions, including enhancing nostro stabilisation facilities to support foreign payments, backed by a $1,5 billion kitty to be availed by the Afreximbank, as part of measures to accelerate economic turnaround. Zimbabwe is tying the loose ends to the $1,5 billion funding facility with the Afreximbank to provide security against potential risk of investment, in a bid to stimulate investor confidence. The funds will also be used to provide hard currency support for key external…

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