Zimbabwe central bank barred from borrowing foreign currency ...Middle East

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Zimbabwe central bank barred from borrowing foreign currency
HARARE: Zimbabwean President Emmerson Mnangagwa has stopped the country’s central bank from borrowing foreign currency as the country struggles with inflation which has eroded the value of the local currency, reported Anadolu.The ban comes as the southern African country nears polls on Aug 23 to elect the president, legislators, and councillors.The ban on the Reserve Bank of Zimbabwe borrowing foreign currency was issued in a statement by Mnangagwa late Thursday.“The (central) bank shall only borrow foreign currency on behalf of the state at the instance of the (Finance) Minister and not on its own behalf,” said Mnangagwa’s statement.Recently the Zimbabwean government came up with new measur

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