Foreign Currency Accounts funded majority of Zimbabwe US$6.8 billion payments in the 10 months to October implying that most businesses are now forex self-funded.
According to figures released by the Reserve Bank of Zimbabwe FCAs accounted for 83% of payments in the period with foreign currency auction being a source of US$1 billion, making up 15%.
The interbank market accounted for 2% of the forex payments.
Businesses were at some point forced to source forex on the black market because they could not access allocations on the auction or purchase adequate funds on the interbank platform.
A tight monetary policy by the central bank has allowed better parity between black market and official exchange rates thus allowing better direct USD inflows for businesses.
The Zimbabwe Revenue Authority recently introduced a dual account system for businesses to declare and pay their taxes in the specific currency that they receive payments in.
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