{"id":80951,"date":"2023-07-22T18:51:09","date_gmt":"2023-07-22T16:51:09","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-central-bank-owes-over-4bn-for-food-fuel-supply"},"modified":"2023-07-22T22:11:06","modified_gmt":"2023-07-22T20:11:06","slug":"zimbabwe-central-bank-owes-over-4bn-for-food-fuel-supply","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-central-bank-owes-over-4bn-for-food-fuel-supply","title":{"rendered":"Zimbabwe central bank owes over $4bn for food, fuel supply"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>Zimbabwe\u2019s central bank has racked up debts of more than $4 billion to banks and companies, including commodities giant Trafigura Group and national flag carrier South African Airways.<\/p>\n

The Reserve Bank of Zimbabwe debts relate to the supply of fuel, corn and other goods and services, as the state attempts to prop up the faltering economy. The southern African nation is suffering from market turmoil as new tax rules drive a rebound in the currency, which was previously devalued to tame triple-digit inflation and the world\u2019s highest interest rates.<\/p>\n

The central bank\u2019s quasi-fiscal activities have been criticised before by the International Monetary Fund, which has urged authorities to end them. Zimbabwe can\u2019t access credit from international financial institutions as it\u2019s already $17 billion in arrears.<\/p>\n

Zimbabwe\u2019s Treasury said it will seek lawmaker approval to assume the central bank\u2019s external obligations. The list of creditors range from individuals to private companies, banks and financial institutions, including the Cairo-based Africa Export-Import Bank.<\/p>\n

Private credit has spared the economy from total collapse, according to John Mangudya, the central bank\u2019s governor.<\/p>\n

\u201cThe creditors were supplying Zimbabwe in good faith, supplying things like fuel in advance, which was consumed by Zimbabweans,\u201d he said by phone on Friday. \u201cIt\u2019s only right that the country repays.\u201d<\/p>\n

Trafigura is Zimbabwe\u2019s No. 2 private creditor, owed $66 million, behind another commodity trader Holbud, which is owed $85 million, according to the report. SAA, which has been revived after being placed in business rescue, is owed $61 million for airline services.<\/p>\n

Bloomberg News reported last April that Trafigura and Zimbabwe\u2019s government discussed a deal that would give the commodities trader control over output from some of the nation\u2019s biggest mines as repayment for debts.<\/p>\n

A spokeswoman for Trafigura declined to comment.<\/p>\n

Mangudya sees the recent appreciation of the Zimbabwean dollar against the greenback continuing, which should help to alleviate pricing pressures.<\/p>\n

\u201cWe expect to see negative month-on-month inflation in July,\u201d he said.<\/p>\n

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

Africa-Press – Zimbabwe. Zimbabwe\u2019s central bank has racked up debts of more than $4 billion to banks and companies, including commodities giant Trafigura Group and national flag carrier South African Airways. The Reserve Bank of Zimbabwe debts relate to the supply of fuel, corn and other goods and services, as the state attempts to prop […]<\/p>\n","protected":false},"author":84,"featured_media":80950,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,8,35,12,2715],"tags":[1493,2189,19],"class_list":["post-80951","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-homepage-english","category-policy","category-to-homepage","tag-africa-press","tag-africa-press-zimbabwe-2","tag-zimbabwe"],"yoast_head":"\nZimbabwe central bank owes over $4bn for food, fuel supply - zimbabwe<\/title>\n<meta name=\"description\" content=\"Zimbabwe\u2019s central bank has racked up debts of more than $4 billion to banks and companies, including commodities giant ...\" \/>\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\/zimbabwe-central-bank-owes-over-4bn-for-food-fuel-supply\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Zimbabwe central bank owes over $4bn for food, fuel supply\" \/>\n<meta property=\"og:description\" content=\"Zimbabwe\u2019s central bank has racked up debts of more than $4 billion to banks and companies, including commodities giant ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-central-bank-owes-over-4bn-for-food-fuel-supply\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-22T16:51:09+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-22T20:11:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/07\/sm_1690040372.633353.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"550\" \/>\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\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-central-bank-owes-over-4bn-for-food-fuel-supply#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-central-bank-owes-over-4bn-for-food-fuel-supply\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Zimbabwe central bank owes over $4bn for food, fuel supply\",\"datePublished\":\"2023-07-22T16:51:09+00:00\",\"dateModified\":\"2023-07-22T20:11:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-central-bank-owes-over-4bn-for-food-fuel-supply\"},\"wordCount\":350,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-central-bank-owes-over-4bn-for-food-fuel-supply#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/07\/sm_1690040372.633353.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Zimbabwe\",\"Zimbabwe\"],\"articleSection\":[\"all news\",\"head lines\",\"homepage-english\",\"policy\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-central-bank-owes-over-4bn-for-food-fuel-supply#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-central-bank-owes-over-4bn-for-food-fuel-supply\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zimbabwe-central-bank-owes-over-4bn-for-food-fuel-supply\",\"name\":\"Zimbabwe central bank owes over $4bn for food, fuel supply - 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