RBZ To Pay National Foods' $54,9 Million Debt

The Reserve Bank of Zimbabwe (RBZ) will pay National Foods Limited’s legacy debt amounting to $54,9 million owed to one of its major grain suppliers.

In a statement accompanying the company’s financial results for the half year period ended 31 December 2018, group chairman Mr Todd Moyo said the company had reached an agreement with the RBZ. Moyo said:

During the period an agreement was reached between the Reserve Bank of Zimbabwe (RBZ) and the group’s major grain supplier wherein the RBZ assumed the group’s legacy debt to its supplier amounting to $54,9 million. National Foods settled the full amount locally to the Reserve Bank, resulting in a reduction in its creditors.

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