Harare – ZB Financial Holdings Limited CEO Ron Mutandagayi said the bank has made significant progress in its foreign currency accounts which are meant to support the productive sector recovery and stimulate export performance.

Earlier, Mutandagayi told analysts in the capital that the Group established four correspondent banking relationships through which it is now able to process international transactions of any currency.

 “As I have indicated we have already opened our US$ account, our British pound account, our Euro account as well as Rand account,” Mutandagayi told Equity Axis News.

Mutandagayi said the Bank’s credit lines will be coming through the foreign currency accounts.

“Our credit lines will be coming through those accounts. We currently raising $30 million in total, $10 million is almost done it’s just a question of finalizing the documentation.

“The $20 million, we are on the final stages of raping up that facility with regional financial institutions and those monies will come through our corresponding bank accounts.”

He said for the country to improve on its foreign currency reserves there is need to increase on exports and avoid importing things that can be produced locally.

Mutandagayi said the Bank is working tirelessly with local producers and they are in a process of opening an export led facility.

“I think generally on the foreign currency front our view as ZB is we need to improve on exports and reduce unnecessary imports. So we are in the process of opening an export led facility to allow us to be able to fund exporters.

“We are looking at Agriculture, we are looking at Floriculture, and we are looking at table vegetables. A lot of supermarkets in the UK would like mushrooms, peas and beans straight from the table and we are funding those producers.

“As you may know those producers require long term funding and the facilities we will be offering will range between 3 to 5 years and that will allow them to retool, to modernise their equipment and also long term marketing, which means we will be generating foreign currency,” Mutandagayi said adding that all in all the Bank is very happy about the progress made to date.

Meanwhile, Mutandagayi said ZB has reopened the DSTV payment window and anyone who has got foreign currency is free to approach the bank through its various branches which will facilitate payments for DSTV.

Equity Axis News