RBZ to clear foreign payments backlog by year end

The Reserve Bank of Zimbabwe (RBZ) expects to clear the backlog of foreign payments by year-end amid revelations that 80% of the unsettled transactions cover products at the top of the import priority list.

RBZ deputy governor, Kupukile Mlambo said although the apex bank has set up a nostro stabilisation fund, it was not enough to clear the backlog of a country hamstrung by a huge trade deficit.

“About 80% of the backlog is in priority list A because we are import dependent.

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