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Zim foreign currency receipts expected to increase in 2023

Story by Davison Vandira

THE ever-increasing commodity prices on the international market are expected to break foreign currency receipt records as the country is a key producer of base minerals.

Economists are banking on the current United States financial crisis to be a blessing in disguise for Zimbabwe with investors getting refuge in commodities, especially gold, platinum and silver, among others.

With Zimbabwe being a key supplier of these minerals, economists are confident the country will increase its foreign currency receipts on the back of firming commodity prices on the global market.

Development Economist, Dr Prosper Chitambara said, “The financial crisis in the US will bring some positives to Zimbabwe, firstly from a foreign currency generation capacity perspective and secondly the depreciation of the US will make Zimbabwe’s production more competitively within the region because of the dollarisation that is taking place.”

“The firming of commodity prices on the global stage is a welcome development as Zimbabwe relies heavily on foreign currency generated through sales of minerals hence it means there are positive prospects for the country to have more benefits,” highlighted Economic Analyst, Mr Batanai Matsika

In 2022, minerals contributed 60% of the US$11 billion that the country generated as foreign currency receipts, hence the soaring of commodity prices is a welcome development.

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