FCA deposits surpass US$1.9 billion

By Davison Vandira
ECONOMIC analysts have hinted that Zimbabwe’s strong external sector performance in 2021 will anchor currency stability going forward as foreign currency accounts deposits breached the 1.9 billion United States Dollar mark.
The country’s strong external sector showing has seen a massive growth of 84 percent in forex deposits into the main stream economy from 1.2 billion in 2020 to 1.9 billion United States dollars.
According to economic analysts, the continued surge in forex deposits within the Zimbabwean context is a good development in the currency reform process.
It is economists’ firm belief that a stable local currency will improve the country’s economic competitiveness against its regional counterparts.
“It’s exciting for the country to witness such a massive increase in forex deposits in one year and this will certainly come in handy going forward in improving the worthy of the local currency,” said an Investment Analyst Batanai Matsika.

“The clear distinction between forex balances and ZWL balances will help in proper financial planning for the country as it will help in bringing stability to the exchange rate as well,” said Economic Analyst Kudakwashe Mugova.
A firm currency for Zimbabwe will give the right tone and impetus to the National Development Strategy One in spearheading the attainment of an upper middle income economy by 2030.

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