July 17, 2017 / 8:13 AM / 2 years ago

Zimbabwe's agriculture authority to issue $80 million in grain bills to buy maize

A Zimbabwean woman sells maize in the capital Harare, March 3, 2016. REUTERS/Philimon Bulawayo/File Photo

HARARE (Reuters) - Zimbabwe’s Agricultural Marketing Authority (AMA) will next week issue $80 million in grain bills to buy maize from farmers, the authority’s financial advisor CBZ Bank said on Monday.

AMA, a government agency that is tasked with marketing agricultural produce, will raise the money to buy the grain through another state entity, the Grain Marketing Board, CBZ said.

Grain bills are bonds specifically meant for purchasing maize and are guaranteed by the Zimbabwean government.

Reporting by MacDonald Dzirutwe; Editing by Ed Stoddard

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