Zimbabwe is in the grip 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.<\/p>\n
Mangudya said the loans would be repaid from future gold earnings and had a tenure of between three and five years.<\/p>\n
\u201cThese loans are well structured facilities contracted last year,\u201d he told a parliamentary committee.<\/p>\n
Mangudya also said government borrowing from the central bank reached $2.99 billion in December, about three times its permissible overdraft limit.<\/p>\n
The government has promised to curb borrowing in 2019 as part of reforms to revive the southern African economy, after the budget deficit soared last year following a spike in spending ahead of elections.<\/p>\n","protected":false},"excerpt":{"rendered":"
Zimbabwe is in the grip 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. Mangudya said the loans would be repaid from future gold earnings and had a tenure of between three […]<\/p>\n","protected":false},"author":84,"featured_media":5042,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,35],"tags":[83,174,416,240],"class_list":{"0":"post-5032","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"category-homepage-english","10":"tag-economy","11":"tag-finance","12":"tag-loan","13":"tag-money"},"yoast_head":"\n