adminIn 2011 the RBZ announced that it was shedding off its quasi-fiscal operations and shareholding in seven companies to raise money to settle debts which stand at over US$1 billion.
The central bank owns a 70 percent stake in Tuli Mine, which is located near the southern border town of Beitbridge.
The RBZ also owns a 58,75 percent stake in Tractive Power Holdings and 64,9 percent in Astra Holdings, both listed on the Zimbabwe Stock Exchange.
It also holds a stake in Homelink, a housing development scheme and money transfer agency, which it also plans to trade off.
Sirtech Limited, which is a manufacturing, scientific research and industrial development concern, where RBZ holds a 65 percent stake, has also been put on the list of companies to be disposed. – New Ziana.
The RBZ also plans to sell its 50 percent stake in Transload, which deals with bio-diesel.
Part of the debt, which the apex bank is struggling to offset, was accrued from supporting critical national programmes such as the farm mechanisation programme at the height of the hyperinflationary era when Western sanctions were hitting hard.
The central bank also owes US$83 million to various local banks for their statutory reserves that it used as well as US$80 million for corporates and US$20 million for NGOs.
It also owes the Reserve Bank of South Africa about US$10 million, Equatorial Guinea around US$222 million for fuel supplies and US$20 million to the Malawi central bank. –
New Ziana.
Online Reporter