Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has said that the fiscal authorities are in talks with the African Export-Import Bank ...
Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has said that the fiscal authorities are in talks with the African Export-Import Bank (Afreximbank) to get a US$500 million Nostro Stabilisation Guarantee Facility (NSGF).
The NGSF will be used to guarantee customers with Nostro Foreign Currency Accounts that the foreign currency will be available should they need it. This comes after Mangudya ordered banks to separate Nostro foreign currency accounts (FCAs) from the real-time gross settlement (RTGS) deposits.
Said Mangudya,
As a further support to this measure and to provide credit enhancement or deposit protection for the Nostro FCAs, the Reserve Bank is finalising discussions with the African Export-Import Bank (Afreximbank) towards a US$500 million Nostro Stabilisation Guarantee Facility (NSGF) to provide Nostro FCA holders with assurance that foreign currency shall be available when required by the account holders. The NSGF which will be similar to the AFTRADES Facility that guarantees interbank trading in Zimbabwe is targeted to be in place by the end of October 2018.
When bond notes were introduced, Mangudya also said that the bond notes were introduced by a US$200 million facility from the Afreximbank.
 |
| RBZ Working With Afreximbank To Get US$500 million Nostro Stabilisation To Back Foreign Currency Accounts |
Said Mangudya,
As a further support to this measure and to provide credit enhancement or deposit protection for the Nostro FCAs, the Reserve Bank is finalising discussions with the African Export-Import Bank (Afreximbank) towards a US$500 million Nostro Stabilisation Guarantee Facility (NSGF) to provide Nostro FCA holders with assurance that foreign currency shall be available when required by the account holders. The NSGF which will be similar to the AFTRADES Facility that guarantees interbank trading in Zimbabwe is targeted to be in place by the end of October 2018.
When bond notes were introduced, Mangudya also said that the bond notes were introduced by a US$200 million facility from the Afreximbank.
.jpg "Sona Solar Zimbabwe")
Disclaimer: The information contained in this website is for general information purposes only.
The information is provided by Gossip Maestro using online sources and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose.
Any reliance you place on such information is therefore strictly at your own risk.
- Advertisement -
.jpg "Sona Solar Zimbabwe")
