New measures to buttress removal of multi-currency system.

 

By Lisa Masuku

AS part of measures to buttress the removal of the multi-currency system The Reserve Bank of Zimbabwe (RBZ) has put in place letters of credit (LCs) amounting to US$330 million for the importation of fuel, cooking oil and wheat.

LCs are a payment mechanism used in international trade to provide an economic guarantee from a creditworthy bank to an exporter of goods.

The RBZ plans to increase the supply of forex on the interbank market through ensuring that at least 50 percent of the surrender portion of forex is channelled towards the interbank to ensure manufacturers and importers have easy access to funds.