Zimbabwe struggling with foreign payments backlog

Source: Zimbabwe struggling with foreign payments backlog | The Financial Gazette May 17, 2018

By Phillimon Mhlanga, Business Reporter

ZIMBABWE’S foreign payments backlog has risen to over $600 million from $570 million in September last year, central bank governor John Mangudya has said.

The governor dismissed assertions from pockets of the banking sector and industry that the international payments backlog had surged to $900 million.

The five percent increase comes despite the central bank having secured since 2016 more than $1 billion facilities from Cairo-headquartered trade finance institution, the African Export Import Bank (Afreximbank) to boost exports and support international payments.

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