RBZ borrowed USD 985 mn from Mozambique, African Exim Bank for import goods: Mangudya

Zimbabwe's Reserve Bank has borrowed $985 million from African banks including Mozambique's central bank and the African Export and Import Bank to purchase fuel and other critical imports, governor John Mangudya told parliament.

Zimbabwe is in the grips 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.