Business Reporter
THE Confederation of Zimbabwe Industries (CZI) has commended the central bank’s determined monetary policy stance for shoring up foreign currency reserves.
The remarks come on the back of a record 40% increase in foreign currency receipts to over US$16 billion from US$9 billion in 2021.
CZI chief economist Cornelius Dube described the milestone as historic, noting that Zimbabwe has never recorded such high earnings since independence.
“It reflects commitment by monetary authorities to focus on key deliverables that unlock more foreign currency. As CZI, we stand ready to complement government efforts and work together to strengthen the nation’s foreign currency inflows,” he said.
Updates from the Reserve Bank of Zimbabwe show sustained momentum in external earnings,though analysts warn that preserving these gains will depend on policy discipline and structural reforms.
Zimbabwe National Chamber of Commerce chief executive Chris Mugaga said the long-term sustainability of inflows hinged on addressing underlying bottlenecks while strengthening domestic production.
“Reducing the import bill, focusing on domestic resource mobilisation, stabilising the exchange rate and broadening the export base,especially through value addition and beneficiation, are key to retaining foreign currency,” he said
