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“Zimbabwe’s Foreign Currency Inflows Have Improved”: John Mangudya

Reserve Bank of Zimbabwe governor, John Mangudya said that the country has experienced a significant increase in foreign currency earnings.

Speaking before the parliamentary portfolio committee on Power and Energy, Mangudya said the foreign currency inflows came from the country’s exports and diaspora remittances.

Mangudya said in the whole of 2017, foreign currency earnings totalled US$4,6 billion but the figure had risen to $6 billion in 2018.

Said Mangudya on Thursday: “We are very happy Mr Chairman to report that the export incentive has worked wonders in this country.

“We have noticed that exporters have been able to respond very positively. To give you numbers, our exports have increased by about 26 per cent in 2017 and as at to date, they have increased by another 25 per cent. If you talk about a 25 per cent increase in exports, throughout the world, it’s a very significant amount of money.

“To give you numbers Mr Chairman, as of to date, the foreign currency that has come into the country this year alone is US$6 billion. From exports, from Diaspora remittances of which about US$4 billion is coming from exports.”

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