Export Incentives Have Worked Wonders For The Country - Mangudya

The Reserve Bank of Zimbabwe governor, John Mangudya said that the country experienced a significant increase in foreign currency earnings. The foreign currency inflows came from the country’s exports and diaspora remittances. In the whole of 2017, foreign currency earnings totalled US$4,6 billion. This year, the figure has risen to $6 billion.

While speaking before the Parliamentary Portfolio Committee on Power and Energy on Thursday, Mangudya said

We are very happy Mr Chairman to report that the export incentive has worked wonders in this country.

We have noticed that exporters have been able to respond very positively. To give you numbers, our exports have increased by about 26 per cent in 2017 and as at to date, they have increased by another 25 per cent. If you talk about a 25 per cent increase in exports, throughout the world, it’s a very significant amount of money.

To give you numbers Mr Chairman, as of to date, the foreign currency that has come into the country this year alone is US$6 billion. From exports, from Diaspora remittances of which about US$4 billion is coming from exports.

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