{"id":80905,"date":"2023-07-22T10:42:38","date_gmt":"2023-07-22T08:42:38","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/reserve-bank-of-zimbabwe-owes-over-4bn-for-goods-and-services"},"modified":"2023-07-22T14:32:09","modified_gmt":"2023-07-22T12:32:09","slug":"reserve-bank-of-zimbabwe-owes-over-4bn-for-goods-and-services","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/reserve-bank-of-zimbabwe-owes-over-4bn-for-goods-and-services","title":{"rendered":"Reserve Bank Of Zimbabwe Owes Over $4bn For Goods And Services"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>The Reserve Bank of Zimbabwe owes more than $4 billion to banks and companies, including commodities giant Trafigura Group and South African Airways, for fuel, corn, and other goods and services.<\/p>\n

Private credit has saved Zimbabwe\u2019s economy from total collapse, according to John Mangudya, the central bank\u2019s governor. He told Bloomberg:<\/p>\n

The creditors were supplying Zimbabwe in good faith, supplying things like fuel in advance, which was consumed by Zimbabweans. It\u2019s only right that the country repays.<\/p>\n

Trafigura is Zimbabwe\u2019s second-largest private creditor, owed $66 million, behind Holbud, which is owed $85 million. SAA is owed $61 million for airline services. Mangudya expects the recent appreciation of the Zimbabwean dollar against the greenback to continue, which should alleviate pricing pressures.<\/p>\n

John Mangudya expects the recent appreciation of the Zimbabwean dollar against the US dollar to continue, which he believes will alleviate pricing pressures. He also expects to see negative month-on-month inflation in July.<\/p>\n

The central bank\u2019s quasi-fiscal activities have been criticised by the International Monetary Fund, which has urged authorities to end them. Zimbabwe cannot access credit from international financial institutions as it is already $17 billion in arrears. Zimbabwe\u2019s Treasury plans to seek lawmaker approval to assume the central bank\u2019s external obligations.<\/p>\n

Former Finance Minister Tendai Biti is also on record criticising the central government for off-budget spending such as subsidies, loan guarantees, and tax exemptions, as well as the accumulation of off-budget debts or other financial obligations and sidelining of Parliament in key economic policy decisions. Biti argues that laws affecting the economy have mostly been made through Statutory Instruments and the Presidential Powers (Temporary Measures) Act, bypassing the role of Parliament. He argues that Parliament should take back its powers to act on policies that affect the economy to prevent negative consequences for millions of people, particularly pensioners.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. The Reserve Bank of Zimbabwe owes more than $4 billion to banks and companies, including commodities giant Trafigura Group and South African Airways, for fuel, corn, and other goods and services. Private credit has saved Zimbabwe\u2019s economy from total collapse, according to John Mangudya, the central bank\u2019s governor. He told Bloomberg: The […]<\/p>\n","protected":false},"author":84,"featured_media":80904,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[1493,2189,2062,1859,1164,19],"class_list":{"0":"post-80905","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-africa-press","10":"tag-africa-press-zimbabwe-2","11":"tag-john-mangudya","12":"tag-reserve-bank-of-zimbabwe-rbz","13":"tag-tendai-biti","14":"tag-zimbabwe"},"yoast_head":"\nReserve Bank Of Zimbabwe Owes Over $4bn For Goods And Services - zimbabwe<\/title>\n<meta name=\"description\" content=\"The Reserve Bank of Zimbabwe owes more than $4 billion to banks and companies, including commodities giant Trafigura Gro ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/reserve-bank-of-zimbabwe-owes-over-4bn-for-goods-and-services\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reserve Bank Of Zimbabwe Owes Over $4bn For Goods And Services\" \/>\n<meta property=\"og:description\" content=\"The Reserve Bank of Zimbabwe owes more than $4 billion to banks and companies, including commodities giant Trafigura Gro ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/reserve-bank-of-zimbabwe-owes-over-4bn-for-goods-and-services\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-22T08:42:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-22T12:32:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/07\/sm_1690012737.457807.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"747\" \/>\n\t<meta property=\"og:image:height\" content=\"420\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/reserve-bank-of-zimbabwe-owes-over-4bn-for-goods-and-services\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/reserve-bank-of-zimbabwe-owes-over-4bn-for-goods-and-services\",\"name\":\"Reserve Bank Of Zimbabwe Owes Over $4bn For Goods And Services - 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