The Reserve Bank of Zimbabwe’s Monetary Policy Committee (MPC) Tuesday 27 September 2022 reported that the country’s foreign currency receipts had risen to US$7.7 billion up from US$5.8 billion recorded during the same period in 2021.
This constituted a 32.4 per cent rise.
The MPC Resolutions report seen by Pindula News says the received money will play a huge role in stabilising both the exchange rate and prices in the country. Reads in part the report:
The Committee also expressed confidence that the prevailing favourable external sector environment, as reflected by robust performance in foreign currency receipts, will provide further impetus to the achievements relating to the exchange rate and price stability. Foreign currency receipts stood at US$7.7 billion as at 31 August 2022, representing a 32.4% increase from US$5.8 billion recorded during the same period in 2021. The foreign currency receipts compare favourably with the corresponding foreign payments which amounted to US$5.1 billion as at 31 August 2022, translating into a surplus foreign exchange position with attendant positive implications for external sector stability.
The MPC is chaired by central bank governor, John Panonetsa Mangudya.
Zimbabwe’s top foreign currency earners include the mining sector (gold, platinum and diamond), agriculture sector (horticulture, tobacco) and diaspora remittances.
Most of the revenue, however, is lost through imports as the local industry is collapsed for decades. Zimbabwe imports basic commodities such as Rice; Flour; Cooking Oil, Margarine; Salt; Sugar; Maize meal; Milk Powder; Infants’ Milk Formula; Tea; Petroleum Jelly; Toothpaste; Bath Soap; Maches; Laundry Bar; and Washing Powder.