Tinashe Makichi in Victoria Falls
Reserve Bank of Zimbabwe Governor John Mangudya said the country received close to $3 billion in foreign currency inflows during the six months of 2019.
Speaking at the CZI Annual Conference, Mangudya said diaspora remittances and other foreign revenue streams like exports played an integral part in improving the country’s foreign currency inflows.
“I am telling you this so that there will be no information asymmetry in this country, people say a number of reports on foreign currency in Zimbabwe. What is there is is that over the six months, the country received export receipts of US$1.7 billion and US$1,3 billion from remittances, giving us a total of $3 billion during the period,” said Mangudya
On the Interbank market, Mangudya noted that the platform was now picking up in terms of performance also driven by the introduction of SI 142 of 2019. He said the interbank platform’s daily trading is now at about US$2 million, an increase from US$500 000
“We have seen that the interbank market has been moving perfectly and we are happy with the performance especially after the SI 142. We have seen trades of $2 million per day on purchase by banks from their customers,” said Dr Mangudya.
Mangudya further said the industry needs to work on addressing perception of the country and make sure that there is unity of purpose between government and industry.
“We have seen trades on the interbank market increasing following the introduction of SI 142 of 2019. We want this to work and what has been lacking in this country is unity of purpose. We need to work together and avoid making negative comments about this country.
“Sometimes if you don’t have anything to say you should rather close your mouth. It is critical that we build this country together,” said Mangudya.
