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Cletus Mushanawani
News Editor
ZIMBABWE’S foreign currency receipts are continuously increasing, with the country receiving US$2.4 billion through export and Diaspora remittances during the first quarter of this year, The Manica Post has established.
Speaking during a public lecturer at Manicaland State University of Applied Sciences last week on Friday, Reserve Bank of Zimbabwe Governor, Dr John Mangudya said last year, Zimbabwe received export and Diaspora remittances amounting to US$9.7 billion.
This was an increase from the US$7.3 billion received in 2020, thereby making the foreign currency receipts the highest ever to be recorded in the country so far.
“The fundamentals of our economy are right as foreign currency receipts in this country have been going up.
Zimbabwe received US$9.7b in 2021, up from the US$7.3b received in 2020. These were the highest ever foreign currency receipts received in this country.
“Now coming into this year, during the first quarter of the year we received US$2.4b, an increase of 15 percent during the same period last year. When you look at these numbers, would you say the country is suffering? I don’t think so,” said Dr Mangudya.
“We have seen the capacity utilisation of our industries going up from 56 percent in 2021 to 66 percent in 2022 courtesy of the forex auction system we put in place.
“Companies are now able to import more raw materials. Everyone is talking of Rwanda as a growing economy, but their exports are less than US$2b, yet ours are more than US$6b.
“The exchange rate is defended by the foreign currency in the country. We have a strong foreign currency buffer in this country. As of yesterday (last Thursday), US$1.7b was available in the domestic foreign currency accounts. We have US$1b of international reserves. This money should be able to sustain the foreign currency exchange rate in this country,” said the RBZ boss.
Online Reporter