Zim only has $200m of forex reserves, needs $1b cover to stabilise

BERNARD MPOFU BULAWAYO – Zimbabwe currently has $200 million of foreign currency reserves and requires five times as much to stabilise the econony, Reserve Bank of Zimbabwe deputy governor Jesimen Chipika said today. She said the current foreign currency reserves were insufficient to re-introduce a local currency. Zimbabwe dumped its local currency for a basket of multiple…