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Zim is living from hand to mouth, we have no capacity to build forex reserves says RBZ Governor

6 years agoMon, 25 Sep 2017 06:55:27 GMT
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Zim is living from hand to mouth, we have no capacity to build forex reserves says RBZ Governor

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has said that the country has no capacity to build up foreign currency reserves as it is living from hand to mouth. Speaking last week the governor said:

Unfortunately, we are living from hand to mouth now, for us to build reserves when we don’t have fuel, electricity, it does not work. I have heard ministers talking about these things, but you will be saying you are holding things constant ceteris paribus (all other things being equal).

There is no time for ceteris paribus if I hold gold yet we don’t have fuel and electricity, then I go to the President saying I was building reserves, he will ask, are you mad?

…What we need in Zimbabwe, first and foremost let’s deal, with confidence-building measures then when that happens we go outside the country and leverage on your minerals underground and get $10 billion and $20 billion outside.

More: NewsDay

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