Zimbabwe’s foreign currency receipts up by 32,4 percent

By Stanley James, Business Editor

ZIMBABWE’s foreign currency receipts for the first eight months of the year up to August have increased by more than 30 percent to above US$7 billion compared to the same period last year.

Resolutions of a Monetary Policy Committee (MPC) meeting released this week reveal that Zimbabwe recorded a surplus of US$2,6 billion during the period under review.

The MPC which is chaired by central bank governor, Dr John Mangudya revealed that the surplus was accrued on the back of firming forex receipts that surpassed growth in foreign payments.

The RBZ data shows that foreign currency receipts stood at US$7,7 billion as at August 23, reflecting a 32,4 percent increase from the US$5,8 billion recorded during the same period last year.

According to monetary authorities, the surplus is also expected to provide a positive platform in sustaining the current gains relating to the exchange rate and price stability.

The data released by the MPC shows that more than 9 500 gold coins have been sold so far, with 35 percent being purchased by individuals, while corporates have bought 65 percent.

Monetary authorities have further liberalised the foreign exchange market by adjusting upwards the maximum amount firms can buy from banks for bona fide foreign payments under the willing buyer willing seller system to US$100 000 per week per company from US$20 000.

The committee also highlighted that the tight monetary and fiscal measures are beginning to yield desired results after a fall in month on month inflation from 12,4 percent in August this year to 3,47 percent in September.

Annual inflation has also dropped to 280,4 percent in September this year from 285,1 percent in August.

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