The Reserve Bank of Zimbabwe has released US$100 million with effect from today for foreign currency requirements to key productive sectors of the economy.
The funds were sourced from the African Export Import Bank, Afreximbank, and supported by the foreign exchange from the sale of tobacco by the growers.
Sectors of the economy which are expected to benefit include the payment of tuition or educational fees for Zimbabweans studying abroad, foreign airline payments, the International Air Transport Association (IATA), fuel, gas, gold producers and loan payments.
The central bank has directed financial institutions to make sure that beneficiaries of the foreign currency should only be those industries and households with funded accounts at banks as opposed to overdrafts and loans.
The move is being made to ensure that people and firms will bank their money in order to fund their accounts while also helping to solve the quest for cash at financial institutions.
According to the central bank, the demand for foreign exchange before the release of the money stood at US$186 million.