Zimbabwe: Govt to Settle Tobacco Retention Debt

Government has issued about $30 million worth of Treasury Bills of between two to five years to local banks to offset outstanding amounts owing to tobacco farmers under the Reserve Bank of Zimbabwe Tobacco Retention Scheme. The TBs were issued to Agribank, NMB, Metbank, Allied Bank, Ecobank, MBCA, Barclays, Stanbic, Stanchart, ZB, FBC and CBZ for the amounts.

This was after the completion of the validation and reconciliation exercise on the figures that had been submitted by the banks. The TBs are half yearly coupons with a prescribed asset and tax exemption status at an interest rate of 2 percent. They can be used as securities on the interbank market.

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