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Unsettled RBZ debts spark alarm

by Staff reporter
28 Feb 2020 at 07:31hrs | Views
There is growing concern that delays by the Reserve Bank of Zimbabwe (RBZ) to conclude the issue of legacy debts may worsen the country's foreign currency scarcity.

Reserve Bank governor John Mangudya, who last year announced that the apex bank would assume foreign legacy debts at an exchange rate of 1:1, last week in his Monetary Policy Statement said a total of 350 applications valued at US$457 million were being processed for finalisation by February 29, 2020.

This was after the RBZ exchange control unit processed and validated blocked funds amounting to US$1,2 billion from 730 applications out of 1 080 requests.

Of those processed, 299 transactions with a value of US$861 million were rejected for various reasons, ranging from double-dipping to lack of supporting documentation.

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Source - Zim Ind