Foreign currency accounts are funding most of Zimbabwe’s imports with the auction and interbank only contributing about 20 percent of the bill, the Reserve Bank of Zimbabwe has reported.
The report says Zimbabwe paid out US$5.3 billion on exports in the eight months to August.
FCAs contributed the bulk of the funds at US$4.3 billion and the auction funded US$925.5 million in the eight months.
The auction allotted the largest amount in March at US$184.1 million, while January and August had the lowest allocations at US$69.6 million and US$90.8 million respectively.
46% of the August allotment was for raw materials while machinery and equipment accounted for 25%.
This supports the assertions from the Confederation of Zimbabwe Industries that capacity utilisation is increasing.
Recently the Zimbabwe Electricity Transmission and Distribution Company said power cuts being experienced in the country are partially being caused by higher demand on the national grid from increased economic activity.
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