There’s Enough Foreign Currency For Everyone – Finance Official

Secretary for Finance and Economic Development Mr. George Guvamatanga has said that Zimbabwe has enough foreign currency for businesses to meet their foreign payments if the interbank starts operating efficiently.

Guvamatanga said that Zimbabwe was generating over US$1,2 billion per year in export proceeds, which should be enough to support the business community.

Speaking during a ZBCTV programme Face The Nation on Tuesday night, Guvamatanga said:

Once we get the interbank operate efficiently, there is enough foreign currency for everyone. The only problem is that at the moment it (forex) has been inefficiently allocated.

As long as it is efficiently allocated, we have more than enough foreign currency. If you look at our total export receipts and compare them to our nearby countries and other countries in Africa which I will not mention, we actually have twice or three times the export proceeds compared to them and they do not have the same challenge we are facing.

The Secretary indicated that foreign currency has been leaking through imports. He also revealed that exporters and some individuals are holding onto their money in nostro and offshore accounts without liquidating it. He added that as of Friday last week, the country had US$800 million in nostro FCAs while US$700 million was due to be received in export receipts.

Guvamatanga added that the Governor of the Reserve Bank of Zimbabwe, Dr John Mangudya was working to make sure the money is put on the interbank market.

More: All Africa

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