Reserve Bank of Zimbabwe Governor, John Mangudya A $600 million nostro stabilisation facility from the African Export and Import Bank (Afreximbank) will largely support fuel and electricity imports as well as critical government obligations, sources said this week. The development will have “a substitution effect”, with export receipts that had been directed towards power and fuel imports now going towards funding for critical private sector imports, a banker said. “Export receipts that were previously funding electricity and fuel imports will now go towards supporting other imports,” said the banker. He indicated, however, that foreign currency “volumes have come down” after closure of the tobacco selling season. To mitigate the risk of default on the $600 million…