CBZ raises $53m for grain purchases


The $55 million Agricultural Marketing Authority (AMA) grain purchase bills floated by CBZ Bank in June registered a 96 percent success rate, the bank announced yesterday.

The bills, which were floated on June 1 2014, have a 270 day tenure and an interest rate of 10.5 percent and raised $53 million. The paper was floated to fund the procurement of maize produced during the 2013/14 agricultural season.

“As a result, the Grain Marketing Board (GMB) has successfully paid for 141 000mt out of 250 000mt of maize delivered to their various depots,” CBZ said in a statement.

CBZ Bank is expected to come to the market with a second issue of $50 million to raise funds to pay farmers for maize delivered to the GMB in the 2014/15 grain selling season.- The Source


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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.


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