RBZ draws down stabilisation facility

The Reserve Bank of Zimbabwe has started drawing down on one of its stabilisation facilities meant to correct the mismatch between current and expected nostro position.

The Central Bank Governor Dr John Mangudya  said the bank had arranged $215 million stabilisation facilities from international financiers to close the gap which had resulted in delays in the remittances of outgoing foreign payments by banks and the importation of cash.
 
Of the facilities, $150 million would be availed by Afreximbank while $65 million would be coming from Swiss Bank.  The Zimbabwe central bank is in negotiations for $330 million from regional sources to enhance production and improve liquidity in the country.  
 
Dr Mangudya told a local finance publication that the bank had started drawing down on the Afreximbank facility which will be applied primarily to meet foreign payments of basic goods and to import cash.