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Zimbabwe Has A $800m Forex Reserve Deficit - RBZ

5 years agoSun, 30 Sep 2018 20:33:53 GMT
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Zimbabwe Has A $800m Forex Reserve Deficit - RBZ

Zimbabwe requires a foreign currency cover of US$1 billion, against current reserves of US$200 million and needs to further increase production to narrow the gap, an official has said.

Ms Jesimen Chipika, deputy Governor of the Reserve Bank of Zimbabwe, told delegates attending the Confederation of Zimbabwe Industries conference in Bulawayo last week that boosting exports will help the country out of the current situation.

Zimbabwe wiped out the hyperinflation figures in 2009 when it abandoned use of the Zimbabwe dollar for a basket of foreign currencies, but mostly dominated by the US dollar.

Over the past two years, the economy has been facing serious foreign currency shortages, with the foreign payments backlog ballooning to over US$700 million last month. Foreign currency shortages are partly resulting from subdued exports.

The central bank has been arranging lines of credit to ease the shortages, but this has had marginal impact as demand for hard currency has continued increasing as production increases.

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Said Chipika:

We are looking at US$1 billion foreign currency cover but we only have $200 million

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