RBZ says foreign currency reserves now cover 1.7 months of imports

Zimbabwe’s foreign currency reserves climbed to US$1.7 billion at the end of July, up from US$1.6 billion in June.

That is enough to cover 1.7 months of imports, according to official figures.

The Reserve Bank of Zimbabwe said the rise was driven by stronger foreign currency inflows and royalties from minerals.

In its 2026 mid-term monetary policy statement released on Thursday, 20 August, the central bank said the growth was also supported by royalties paid in-kind from precious minerals, and by channelling 5 per cent of the 30 per cent export surrender requirement into reserve accumulation.

The increase follows a sharp rise in foreign currency inflows, which jumped by 47.8 per cent to US$10.72 billion in the first half of 2026, up from US$7.25 billion in the same period last year.

Inflows outstripped total foreign currency payments of US$7.30 billion between January and June.

The stronger reserve position has allowed the Reserve Bank to intervene in the interbank foreign exchange market and ensure legitimate foreign payments are met.

As a result, the ZiG to US dollar exchange rate held within the ZiG25 to ZiG27 range, while the parallel market premium averaged 15 per cent during the first half of the year.

At the end of July, the reserves covered the ZiG deposit base almost 1.5 times and reserve money six times.

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