As of October 2021, the country had recorded a total of
US$7,2 billion in foreign currency receipts resulting in a positive current
account balance of around $1,7 billion.
Export earnings increased by 54,5 percent to US$4,5 billion
for the period January to mid-October, compared to US$2,9 billion realised in
2020, the central bank said.
“Mining exports generate about 85 percent of Zimbabwe’s
foreign currency earnings. International remittances, encompassing diaspora
inflows and non-Governmental organisations, funds jumped to US$1,7 billion from
US$1,1 billion,” RBZ said.
Loan proceeds rose to US$728 million from US$673 million.
Addressing delegates at a conference held in Victoria Falls recently RBZ deputy
governor, Dr Khuphukile Mlambo acknowledged that this year’s external sector’s
performance was inspiring and could reach the highest level over a decade.
“As of now we are standing at US$7,145 billion in terms of
foreign currency inflows. If you compare that to outflows that have taken place
since January, which is about US$5 billion in terms of foreign currency
payments outside, we are sitting on about $1, 7 billion dollars.
“Therefore, we expect that this year we are going to get
the highest foreign currency inflows since 2010, meaning we are on a growth
trajectory.
“The external factor is doing very well, we are expecting a
positive current account balance, driven mainly by a recovery in the global
economy, performance of exports, diaspora remittances, and moderation of
inflows,” said Dr Mlambo.
He said he was confused by the volatility in the parallel
market exchange rate given the amount of foreign currency in the country’s
coffers.
“We are in a good situation, it puzzles me sometimes when
the black-market rate is running the way it is running because it is evident
that it is something else, that is not driven by fundamentals,” said Dr
Mlambo.Zim forex inflows to hit record high
He attributed the relatively stable economic conditions
witnessed in 2021 to favourable climatic conditions, which spurred the
agriculture sector performance and worthy policy framework which was crafted
during the year.
Dr Mlambo pointed out that the two inputs (favorable
climatic conditions and policy framework) had been complementary in attaining
better economic conditions compared to the two previous years.
“You can have good rains but if you have bad policies it
does not help, so the major contributor that sustained economic progress in the
country in 2021 was the policy environment that we are creating and the
policies that we have introduced,” he added. Herald
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