Zimbabwe central bank borrows $985m from African banks | IOL Business Report

INTERNATIONAL – Zimbabwe’s Reserve Bank has borrowed $985 million from African banks to purchase fuel and other critical imports with current reserves covering imports for just four weeks, underscoring the severity of dollar shortages, governor John Mangudya said.

The loans, which would be repaid from future gold earnings, have a tenure of between three and five years and attract an interest of up to 6 percent above the Libor rate, Mangudya said. The central bank takes 45 percent of dollar sales from gold producers and a half from other miners to fund imports like fuel and power and repay foreign loans.

Mangudya said government borrowing from the central bank reached $2.99 billion in December, about three times its permissible overdraft limit.

busrep Who loans Zim money?

Colombia Últimas Noticias, Colombia Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

Botswana agrees to extend $95mn credit line to Zimbabwe: minister | IOL Business ReportZimbabwe is currently facing a crippling foreign currency shortage that has affected the importation of essential commodities. busrep Sadc should just put Zimbabwe under administration for 5 years,run its finances with administrator from Botswana.Or 10 years down the line Zim economic situation will be in same position.
Fuente: IOL - 🏆 46. / 51 Leer más »

AYO responds to Business Day article | IOL Business ReportAYO Technology has responded to the front page article of the Business Day on Tuesday morning.
Fuente: IOL - 🏆 46. / 51 Leer más »

Data rollover changes: Here's what you need to know | IOL Business ReportThe new regulation is set to set to come into effect between the 28th of February and 1st of March 2019. busrep We're being charged exorbitant amounts for data, now Vodacom will be charging 'rollover' fees! Just another way to screw us over & milk us for more.
Fuente: IOL - 🏆 46. / 51 Leer más »