RBZ moves on foreign payments delays

The Reserve Bank of Zimbabwe (RBZ) says a $70 million nostro stabilisation facility would be disbursed at the end of the month, to deal with current delays in foreign payments, among a raft of measures to stabilise the economy.

In his monetary policy statement released yesterday, RBZ governor, John Mangudya said the stabilisation facility would “augment the foreign exchange resources in the banks’ nostro accounts, whilst awaiting the opening of the tobacco and cotton selling season”.

“Whilst the country has $250 million in the nostro accounts and $120 million in physical cash at banks, the bank, using the model, estimates that there is around $600 million circulating in the economy,” he said.

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