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Reserve Bank of Zimbabwe to clear foreign payments backlog.

Global Banking News-April 25, 2017--Reserve Bank of Zimbabwe to clear foreign payments backlog

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Global Banking News - 25 April 2017

The Reserve Bank of Zimbabwe (RBZ) has said that it is expecting to clear the backlog of foreign payments by the end of the year.

The comments from the bank came amidst revelations that 80 percent of the unsettled transactions cover products at the top of the import-priority list. Deputy governor, Kupukile Mlambo, said a nostro stabilisation fund was not enough to clear the backlog.

He said, 'About 80 percent of the backlog is in priority list A because we are import dependent. All our essential things are in the priority list. We have put a nostro stabilisation fund, but it's nowhere near enough.'

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Publication:Global Banking News (GBN)
Date:Apr 25, 2017
Words:152
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