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
(73 VIEWS)
This post was last modified on December 4, 2014 12:09 pm
The gazetting into law of the payment of quarterly taxes on a 50-50 basis in…
Zimbabwe has today unveiled a ZiG276.4 billion budget for 2025 during which it expects the…
Zimbabwe President Emmerson Mnangagwa has repeatedly stated that he is not going to contest a…
The Zimbabwe Gold fell against the United States dollar for five consecutive days from Monday…
An Indian think tank has described Starlink, a satellite internet service provider which recently entered…
Zimbabwe’s new currency, the Zimbabwe Gold (ZiG), firmed against the United States dollars for 10…