Business Reporter
PRESIDENT Emmerson Mnangagwa says going forwards in a bid to build reserves which will spur the ZWG.
He made the remarks in Parliament Wednesday during a State of the Nation Address (SONA.
“Government remains committed to backing the currency through setting aside 50% of royalties for Building reserves. Foreign currency inflows from exports have increased from US$7 billion in 2023 to US$8 billion in 2024.
“Our country’s banking sector is on sounding footing, with sufficient capital and liquidity buffers, while Profitability, asset quality and liquidity matrix have also remained stable. However, we note with concern the resurgence of parallel market activities driven by speculative tendencies. Corrective measures are being instituted to protect all Zimbabweans from economic disruptions,” he said.
Mnangagwa urged parliamentarians to throw their full weight behind the embattled local unit which he is at the core ‘of macro-economic stability’.
“In response to the increased foreign currency pressures, and in a bid to deepen the foreign exchange market,
the Reserve Bank allowed for greater flexibility under the willing-buyer willing-seller arrangement.
The increased flexibility on the foreign exchange market is expected to further promote effective price
discovery and encourage holders of foreign exchange to participate in the willing-buyer willing-seller market.
“Government remains committed to backing the currency through setting aside 50% of royalties for building reserves. Foreign currency inflows from exports have increased from US$7 billion in 2023 to US$8 billion in 2024,” he said.
He said the country’s banking sector is on sounding footing, with sufficient capital and liquidity buffers, while profitability, asset quality and liquidity matrix have also remained stable.
“However, we note with concern the resurgence of parallel market activities driven by speculative tendencies.Corrective measures are being instituted to protect all Zimbabweans from economic disruptions. Together, let us lay a solid foundation for economic prosperity, peaceful development and freedom from undue external interference,” he added.
