Zim, Afreximbank Discuss $500 Million Nostro Stabilization Facility

On Wednesday in Bali, Indonesia, a delegation of the African Export-Import Bank (Afreximbank) led by the President, Prof. Benedict Oramah held talks with a Zimbabwean Government team led by Minister of Finance and Economic Development, Mthuli Ncube, and Governor of the Reserve Bank of Zimbabwe, Dr. John Mangudya, to discuss Afreximbank’s support to Zimbabwe’s economic recovery.

The meeting, which took place on the sidelines of the 2018 International Monetary Fund and World Bank Group Annual Meetings, highlighted the Bank’s various facilities currently operational in Zimbabwe. They discussed the modality of the $500-million Nostro stabilization facility which Zimbabwe had requested from the Bank and agreed on the processes toward concluding that transaction by the end of October 2018.

The ultimate goal of the facility is to secure payments for essential imports and to promote exports, diaspora remittances and deposit of foreign currency. It is envisaged that this will restore foreign currency liquidity and stability in the market.