Afreximbank’s nostro

  Zimbabwe will soon get US$200 million from Africa Export-Import Bank to ease cash shortages that beset some towns and cities over the weeks. The money will be released from Afreximbank’s nostro and export facility following discussions with the Reserve Bank of Zimbabwe. A nostro account is a bank depository held in a foreign country and denominated in the currency of that land. Such accounts essentially facilitate import and export payments, especially in the case…