FINANCIAL services group CBZ Holdings says the Reserve Bank of Zimbabwe (RBZ) has so far disbursed US$54,08 million under a special settlement arrangement to expunge the legacy liabilities and nostro gap accounts.
This represents a 38,43 percent increase from the US$39,06 million recorded as of December 2022.
The presence of legacy debts on the company’s balance sheet continues to be detrimental to its ability to attract foreign investors.
“We note that to date US$54,08 million has been made available under this arrangement demonstrating the willingness and capability of the RBZ to honour the settlement arrangement. The group has however identified key risks attendant to the legacy liabilities and nostro gap accounts,” the group stated in its financial notes for the year ended December 31, 2023.
CBZ Holdings’ loans and advances clocked $2,07 trillion in 2023, registering a 145 percent growth year on year.
Subscribe to The Financial Gazette
This is premium content. Subscribe to read article.