Reserve Bank Governor, Dr John Mangudya has said that Zimbabweans have gone through a difficult time this year which can be made easy by improving foreign currency supply.
He made these remarks during an interview with News Day Business reporter, Tatira Zwinoira during which he discussed plans to stabilise the Zimbabwe dollar which was reintroduced this year.
Responding to Zwinoira’s question on the quantity of foreign currency that is enough to sustain the local currency, Mangudya said that the country needs about US$520 million on a monthly basis but is currently earning around US$490 million.
He also emphasised on the importance of citizens’ confidence in the currency reforms which the government is implementing saying that it does attract foreign currency. He added:
I am hopeful that what the Zimbabweans have gone through over the year which has been difficult cannot continue under that context.
If you get more money from the exports and that from the diaspora and if we get more money from the letters of credit and money from the finance, we can bridge that gap of about US$30 million very easily.
Zimbabwe has a foreign currency deficit, a scenario which is not encouraging considering that most of the commodities in the country are imported.
More: News Day
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