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Zimbabwe’s Reserve Bank has borrowed $985 million from African banks to purchase fuel and other critical imports, its governor John Mangudya told parliament.
Mangudya said on Monday in Harare that the money was borrowed from Mozambique’s central bank, the African Export and Import Bank (Afreximbank) and others. Zimbabwe is in the grips of a severe dollar crunch and last month ditched a discredited 1:1 dollar peg for surrogate bond notes and electronic dollars, merging them into a lower-value transitional currency called the RTGS dollar.
The new currency (RTGS dollar), which exchanges at 2.5 to the U.S. dollar, is an attempt by the government to stem chronic cash shortages.
Meanwhile the Nigerian government has offered for subscription two-year and three-year savings bonds at 11.62 per cent and 12.62 per cent per annum, the Debt Management Office (DMO) has said.
According to the offer circular obtained from the DMO website on Monday, the two-year bond will be due in March, 2021 while the three-year bond will mature one year after.
It, however, did not state how much was offered, but added that the maximum subscription was N50 million at N1, 000 per unit, “subject to minimum subscription of N5, 000 and in multiples of N1, 000’’.
