Financial services sector, economy stabilising-Economists

By ZBC Reporter
ECONOMIC analysts have welcomed revelations by monetary authorities that Zimbabwe is currently sitting on 1.1 billion United States dollars in Nostro Accounts, a level never reached for the past 20 years.

The accumulation of the foreign currency in the country’s Nostro accounts is one of the clearest indications that the financial sector and the economy, in general, is on the mend.

According to Zimbabwe National Chamber of Commerce CEO, Mr Christopher Mugaga, the 1.1 billion United States dollars should be unlocked through the current market-driven Foreign Currency Auction system to further drive economic activities in support of recently launched National Development Strategy One.

“There is nothing more comforting as Economic players as knowing that foreign Currency for production purposes is easily accessible, this is the stage Zimbabwe is moving into as being evidenced by the Nostro balances currently domiciled in our financial system,” he said.

His sentiments were also buttressed by Mr Titus Mukove, who encouraged monetary authorities to continue with financial transparency as it is key to increase confidence amongst holders of these Nostro balances.

“This is one positive position the country finds itself in and this should be the take-off position for the economy as these Nostros depicts sufficient capacity to spearhead economic development,” he said.

In the recent past, the economy has been suffering from low forex reserves and the latest statistics suggest the country is building enough reserves to drive its vision of becoming an upper middle-class economy by 2030.

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