Central Banking

Zimbabwe foreign payment arrears reach $488m

Zimbabwe's foreign payment arrears, a result of severe hard currency shortages, stood at $488m in November, according to statistics published by the Reserve Bank of Zimbabwe this week.

Foreign currency shortages have caused a payments backlog for importers, pensioners, foreign investors, travellers and others requiring foreign exchange which forex market dealers say is growing every month. The central bank said this week Zimbabwe's "foreign payments arrears had risen to high levels of around $

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