RBZ gives solution to foreign currency shortages it says date back to 1960

Speaking during a church service in Bulawayo on Saturday, Reserve Bank of Zimbabwe (RBZ) deputy governor Dr Kupukile Mlambo said that the growth of exports and production is the only solution for the foreign currency shortages which he said date back to 1960.

Said Mlambo:

We want exports and production to grow; that’s the only solution for our situation. The scarcity of foreign currency dates back to 1960 and we are operating with added deficits accumulated since 2009. The solution to Zimbabwe’s problem is not to adopt the Rand as the business people are saying, because the Rand is still foreign currency just like the US Dollar. Our major problem is that we do not export enough to be able to sustain the economy hence the cash crisis we are in. As RBZ, we do not print the US dollar and the only solution we came up with was to set up facilities to foster and promote production.”

He said that RBZ was introducing packages include a women’s empowerment fund worth $15 million, $10 million for business linkages and another $10 million for horticulture to generate exports and foreign currency.

More: Herald