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.

(Reuters/NAN)

You may be interested

EFCC uncovers fraudulent COVID funds, recovered Abacha loot at Humanitarian Ministry
Crime
8 views
Crime
8 views

EFCC uncovers fraudulent COVID funds, recovered Abacha loot at Humanitarian Ministry

Webby - April 14, 2024

The Economic and Financial Crimes Commission (EFCC) says it has discovered other fraudulent dealings involving COVID-19 funds, World Bank loan,…

Israel pounds Hezbollah with airstrikes after Iran attack
News
2 views
News
2 views

Israel pounds Hezbollah with airstrikes after Iran attack

Webby - April 14, 2024

The Israeli military on Sunday carried out a series of airstrikes on Hezbollah targets in Lebanon.The development came hours after…

Finally, Liverpool and Arsenal hand the EPL title to Man City
News
1 views
News
1 views

Finally, Liverpool and Arsenal hand the EPL title to Man City

Webby - April 14, 2024

Liverpool and Arsenal seemed to have finally handed the EPL title to Manchester City. Liverpool yet again fumbled at Anfield…

Leave a Comment

Your email address will not be published.