The Reserve Bank of Zimbabwe (RBZ) has assured importers that there is no foreign currency shortage in the economy, saying the supply of forex has even surpassed demand from entities with valid foreign invoices.

Despite occasional complaints from businesses about a lack of foreign currency in the market, RBZ Governor John Mushayavanhu declared that the foreign currency generated from export surrenders has exceeded market demand. He said (via The Herald):

We went into the market (last week Thursday) as the central bank to sell forex from the export surrender. We went (into the market) with a figure of about US$20 million.

The banks were only able to buy US$15 million. In other words, that was the demand that was there in the market to clear all the outstanding invoices.

Right now, as we speak, if there is anyone who has an import invoice or who has a foreign payment that they need to make outside the country and has not made it, they can go to their bank and it will be honoured because we do not have a foreign exchange problem. The supply of foreign exchange in this market compared to the demand is higher.

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Exporters are required to surrender 30% of their export proceeds to the central bank at the prevailing exchange rate.

This policy ensures that foreign currency is available for non-exporting entities that need it to import essential inputs for their operations.

The forex surrender requirements also help exporters obtain local currency to meet domestic obligations, including statutory payments and taxes.

Governor Mushayavanhu further urged businesses and the public to deposit their money in formal banking institutions, warning that keeping cash at homes or premises could attract the attention of armed robbers. He said:

You can do mattress banking, but we are increasingly seeing robberies taking place. Your money is safer in the bank.

We have put in place measures where you can get interest on your investment in the bank.