Foreign Currency Deposits Rise 433% In Five Years - RBZ

The Reserve Bank of Zimbabwe (RBZ) says foreign currency deposits in the banking sector increased by 433% between 2018 and September 2023.

Speaking at the Zimbabwe Independent Banks & Banking Survey and Awards ceremony in Harare last week, RBZ Governor John Mangudya said foreign currency deposits were US$300 million in 2018, and by the end of September 2023, had risen to US$1.6 billion. The Zimbabwe Independent quoted Mangudya as saying:

Confidence in the banking sector improved significantly as depicted by growth in foreign currency deposits from around US$300 million in 2018 to US$1.6 billion as of the end of September 2023.

The banking sector has demonstrated resilience and strong performance with all banking institutions recording profits.

Banking sector performance indicators compare favourably to international benchmarks.

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Financial inclusion reached 83% driven largely by digital financial services, about 95% of local currency transactions are conducted through electronic payment systems and mobile transactions account for 80% of total volume of transactions highlighting its significance in promoting financial inclusion.

Official data shows that the United States dollar is now the dominant currency in the economy with 80% of domestic transactions being conducted in the greenback.

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