Emmerson Njanjamangezi, Group Features Editor 
THE Reserve Bank of Zimbabwe (RBZ) is making strides in honouring legacy debts as firms on the local bourse continue to report payments and commitments for settlements.
Between 2015 and 2019, a number of companies could not remit payments to foreign suppliers and shareholders due to foreign currency scarcity in the country.
Governor of the Reserve Bank of Zimbabwe, John Mangudya.
After the introduction of the interbank rate of exchange and conversion of bank balances to RTGS in July 2019, the central bank assumed the legacy foreign debts of some corporates, which in turn remitted to the bank the ZWL equivalent of the obligations at a rate of 1:1 with the US$.
Nampak, Africa’s largest diversified packaging manufacturer, says it has received US$4 million from the RBZ as part payment of the US$66,8 million legacy debt it is owed.
In May this year, the firm confirmed that the central bank committed to making monthly instalments of US$1 million towards settling the debt.
“Transfers from Zimbabwe were boosted by repayments totalling US$4 million from the reserve bank related to historical debt,” Nampak said in a trading update.
On a similar note, regional cement manufacturing concern PPC said the group expects RBZ to complete debt settlement by next year.
“The RBZ continues to honour its obligation to settle PPC Zimbabwe’s debt from legacy funds with a further US$11,2 million paid during FY21.
Management expects the debt to be fully repaid during the FY22 year,” PPC chairman Mark Thompson said in a statement accompanying financial performance for the year ended March 31, 2021.
Presenting the group’s full-year performance for the year ended June 30, 2021, Innscor chairman Addington Chinake also noted the apex bank’s commitment to settle matters.
“The group has foreign legacy debts amounting to US$3,7 million being foreign liabilities that were due and payable on February 22, 2019 when the authorities promulgated SI33/2019 which introduced the ZW$ currency.
“The board remains confident that the RBZ will settle the legacy debts in line with the exchange control directives,” he said.
During the just-ended financial year, Chinake said the RBZ settled US$1,35 million of the legacy debts and the central bank has provided confirmation to the group that the outstanding amounts will be settled.
Delta Beverages Zimbabwe also expressed optimism that the apex bank would settle matters.
The beverages maker has legacy foreign liabilities of US$18,8 million that was due and payable on February 22, 2019 when the authorities promulgated SI33/19.”
