RBZ fails to pay for gold

THE Reserve Bank of Zimbabwe (RBZ) has failed to raise foreign currency to pay mines for gold deliveries since last November it emerge this week.
Miners who spoke to The Zimbabwean said the Reserve Bank had not paid them a cent nine months after they delivered the precious mineral to the central

Documents to hand show that as of June 29 the Bank owed gold producers US$34,2 million.
The miners said they have been having a number of meetings with central bank official but who have done nothing but shower then with empty promises instead of telling them that they did not have foreign currency.
Most mines have been surviving on bank loans since January while others say they have been relying on borrowings from other mines but now it’s going to be crunch time because nobody has anything to lend anymore.

Post published in: Economy

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