Zim Has Adequate Capacity To Meet Its Monthly Forex Requirements – Mangudya

The RBZ Chief John Mangudya has said the country has enough foreign currency to meet its monthly obligations, The Herald reports. This was revealed when the governor was addressing the Parliamentary Portfolio Committee on Budget and Finance yesterday.

Dr Mangudya said:

Our Diaspora remittances and free funds reach at least US$100 million a month; the economy needs US$100 million a month. If we harness this money, even without factoring in some exports, we will have sufficient forex for the economy.

Mangudya also said companies that received free funds in their transactions were free to use them on both local and foreign payments. Meanwhile, long fuel queues have resurfaced in some parts of the country especially in Harare.

More: The Herald 

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