Zimbabwe needs $800 million to end bank queues says RBZ

Deputy Governor of the Reserve Bank of Zimbabwe (RBZ) Dr Kupukile Mlambo has said that Zimbabwe needs at least $800 million to plug the cash shortages and end bank queues.

Speaking in Bulawayo on Thursday last week, Dr Mlambo said

In Zimbabwe, with bank deposits of $6 billion we would need between $600 million and $800 million at any one time then all the queues will disappear. We need to be more productive as a country and increase our exports to generate more foreign currency.

The tobacco sector is one of our biggest earners of foreign currency and as a country that does not have its own currency, our main source of currency is exports. We have put in place incentives to encourage the production of tobacco.

More: Chronicle



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