“We’re Expecting Forex Receipts Of US$7bn By Year-End,” RBZ

The Reserve Bank of Bank of Zimbabwe (RBZ) has said that it expects increased foreign currency this year from minerals, tobacco, cotton, improved diaspora remittances and the usage of free funds.

The revelation was made by RBZ deputy governor Kupukile Mlambo who told Business Times that the country has more foreign receipts than other better-performing economies in Africa despite having no Foreign Direct Investment (FDI). He said:

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We are expecting forex receipts of US$7bn by year-end which is an improvement from US$5.5bn last year due to minerals, tobacco, cotton, improved diaspora remittances and the usage of free funds. That money is enough to cater for all our forex needs.

Mlambo also said that the banking sector which now does business on the interbank trading platform was contributing to increased forex.

This comes as there is a huge scarcity of foreign currency in the country against high demand as the government, businesses and individuals need forex to import commodities from beyond the country’s borders for consumption and business.

More: Business Times

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3 comments on ““We’re Expecting Forex Receipts Of US$7bn By Year-End,” RBZ

  1. This is too good to be true! It contradicts the odds. The source of the improvements in earnings is highly speculative – an elusive dream!

  2. Mlambo – you talk absolute shit and crap. This is ZanuPF lies, propaganda and FAKE NEWS. Don’t believe one word of this story.

  3. RBZ is nothing but bold face liars. Mlambo will say anything is masters tell him. Why would they be expecting billions in Forex from commodities that were pay for 100% before they were exported months back. They have no other means but to continue daily lies to cover for the collapsed economy. $7 Billion U.S.D.

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