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

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Zimbabwe central bank borrows $985m from African banks busrep

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.

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busrep Who loans Zim money?

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