Harare — Zimbabwe’s central bank has secured a $500m loan from unspecified international banks to support interbank currency trading from Monday and to ease a dollar crunch that has brought fuel and medicine shortages, governor John Mangudya said.
The mismatch has seen companies and individuals with dollars selling their money on the black market where premiums are higher, amid charges that the central bank was manipulating the official exchange rate. “This amount shall go a long way to stabilise the exchange rates and prices of goods and services in the economy,” said Mangudya, without revealing the source of the loan.
In the past week the new currency lost 26% of its value on the black market but is only 3.6% weaker on the official market. The weakening currency has fuelled inflation, which raced to a new 10-year high of 75.6% in April.
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