Zim has sufficient foreign currency: RBZ

By Davison Vandira

THE external payments schedule released by the Reserve Bank of Zimbabwe (RBZ) recently has confirmed that the country has enough foreign currency to finance its economic activities.

The schedule released by the Central Bank detailing all external payments since January has vindicated monetary authorities’ assertion that the country has enough forex reserves to oil all economic activities.

Foreign payments of up to US$4.9 billion, of which, 70 percent was sourced from individuals and companies, point to improved liquidity and continued growth of foreign currency in the market.

The increased liquidity of foreign currency has excited economic analysts who are convinced that the latest development is the best foundation for sustainable economic stability.

“The statistics released are a good barometer of the progress on how the economy is responding to policies and this is encouraging to note that 70 percent of the country’s forex needs are being met by balances held by individuals and companies in their FCAs,” said Kudakwashe Mugova, an Economic Analyst.

Monetary authorities continue to strengthen systems and processes that build confidence in the financial services sector.

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