Zimbabwe borrows $985 million from pan-African lenders

Reserve Bank of Zimbabwe
Photo: Baynham Goredema

The Reserve Bank of Zimbabwe (RBZ) has borrowed $985 million from pan-African lending institutions to cover import of basic products, governor John Mangudya told the country’s parliament on March 4.

The southern African nation is grappling with hyperinflation, low exports and insufficient foreign exchange reserves. These cover just four weeks of imports, according to deputy governor Jesimen Chipika, and stood at $200 million in September 2018.

The African Export and Import Bank provided loans

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