22 January 2018
Cholera: Zim on high alert as 4 killed
ANC confirms Zuma exit discussion
Government orders blood price reduction
- One day’s supply left of key blood group
Kasukuwere begs ED for forgiveness: official
Chinamasa to divert wages to devolution
Dump Mugabe regalia, Zanu PF official
Mugabe exploited my illiteracy: Mujuru
Gemmology center in Mutare soon
NRZ loss as gold miners damage rail line
Unpaid Mr ugly reports sponsors to ZRP
Zim author releases new book in USA
Billiat might still leave: Sundowns coach
Anger as Dembare approach City player
Mnangagwa’s ‘New’ Zim merits support
Zhuwao: kleptocracy and EDiots in Davos
Mnangagwa off to Davos empty handed
Economy: the need for a paradigm shift

Zimbabwe earns $3,2 billion forex in 8 months

06/09/2017 00:00:00
by The Source
Can a cashless society save broke Zimbabwe?
Cash crunch: Zimboz pee in bank queues
Cash woes deepen as Zim awaits Bond Notes
Dollar shortages: Govt blocks imports
RBZ chief brings back Gono disaster: MDC-T
Bob backs bond, says cash crisis over 'soon'
US dollar black market returns to Zim
RBZ threatens to shut down banks
Cash crisis to trigger unrest: MDC-T
Panic: Govt rages at bid 'to make Zim burn'
Switch to Rand, bankers urge govt
Mpofu fails to support his struggling bank
Chinese, Nigerians blamed for cash woes
$100m facility could ease cash shortages

ZIMBABWE’s foreign currency receipts rose 6,6 percent to $3,2 billion in the eight months to August from $3 billion in the comparable period last year, buoyed by mineral earnings, according to central bank governor, John Mangudya. 

“I can tell you that between January and end of August, the total receipts of foreign currency earned is about $3,2 billion. This was from exports, diaspora remittances and loan inflows,” Mangudya told a meeting with retailers.

“For a country in our position, this money is not small change but the expenditures tell a different story, take the public sector for example, it has actually recorded salary increases over the past few years, from $50 million per month in 2000 to the present $250 million.”

He said by comparison,Rwanda, which recorded a 5,9 percent GDP growth in 2016 against Zimbabwe’s 0,7 percent in the same year, earned $1,2 billion from exports in 2016.

“Zimbabwe’s problem (is) because the increased demand for the United States Dollar (US$) is not matched by an increase in the supply of foreign exchange,” said Mangudya.

The southern African nation is in the throes of a cash crunch, and is relying mainly on mineral export earnings and remittances from the diaspora after poor tobacco sales while it lags regional counterparts in attracting Foreign Direct Investment.

As at June this year, Zimbabwe had earned $1,6 billion from exports, $784 million in diaspora remittances, $140 million in FDI and $224 million in external loans according to central bank data.

The Tobacco Industry Marketing Board this week said as of September 1, 87,5 million kilogrammes had been exported, generating $380,6 million — much lower than the target of $551 million.

Mangudya said despite rationing the little available foreign currency through the central bank-drawn import priority list, Zimbabwe was still struggling to control its expenditure.


Email this to a friend Printable Version Discuss This Story
Share this article:

Digg it






Face Book



comments powered by Disqus
RSS NewsTicker