Foreign currency earning declines sharply

HARARE- ZIMBABWE'S Minister of Economic Development Sylvester Nguni, said foreign currency generation in the country had declined significantly from a high of US$10,8 billion per year in 2000 to a low of US$1,5 billion.

He said the shortfall had result to all major sector of the econom

y failing to perform since the turn of the century.

“Zimbabwe need US4,5 billion per annum in foreign currency to operate efficiently, the generation of only US1,5 billion has resulted in the economy performaing at below 30% of capacity,” said Nguni.

The generation of surplus foreign currency obviously strengthen the currency.

“Zimbabwe is facing challenges including a foreign currency shortfall of around US$3 billion, leading to many sectors of the economy performing below par and the country failing to import fuel, drugs and basic commodities, let alone plant and equipment for industry and commerce,” he said- CAJ News.

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