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Zimbabwe Has Enough Forex, We Just Have To Properly Harness It - Mangudya

3 years agoSun, 21 Jun 2020 12:41:44 GMT
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Zimbabwe Has Enough Forex, We Just Have To Properly Harness It - Mangudya

The RBZ chief, John Mangudya while speaking to Sunday News and clearing the air about the soon to be launched Foreign Currency auction system said there is enough foreign currency in this country to manage our imports.

Mangudya said contrary to what the public might believe that there is no enough forex to meet our forex obligations, there was enough forex in Zimbabwe to sustain our imports minus fuel, they need to properly harness it:

Our economy requires between US$80 million and US$100 million a month to sustain all our imports, minus fuel. Gold producers, tobacco farmers and diaspora remittances bring in a total of over US$100 million. So what this effectively means is that the money is there in the economy. All we need to do is to harness it so that it can circulate in our economy within the official channels.

Mangudya in the same interview also said the interbank rate system was not working and he has faith in the auction system since it worked for other countries.

More: Sunday News 

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