Zimbabwe's central bank says it has cleared all outstanding foreign exchange debts and stacked up a billion bucks in reserves as the country prepares to ditch the US dollar by 2030. RBZ deputy governor Innocent Matshe told mining industry people that the transition plan is on track after settling around $60 million in backlogged auction system payments and handling invoices worth between $10 million and $60 million.
Matshe credited the mining sector for pumping forex into the economy and said businesses with proper funding will have no trouble accessing foreign currency. The shift to a single domestic currency started a couple of years back, but needs stable inflation and enough reserves to cover three to six months of imports before it can actually work.
Matshe credited the mining sector for pumping forex into the economy and said businesses with proper funding will have no trouble accessing foreign currency. The shift to a single domestic currency started a couple of years back, but needs stable inflation and enough reserves to cover three to six months of imports before it can actually work.
