“Chitando’s Mining Contributes US$5 Billion Of Zimbabwe’s US$6Billion Recieved” – RBZ Governor


Reserve Bank of Zimbabwe (RBZ) Governor, Dr John Panonetsa Mangudya has said the Minister of Mines and Mining Development Hon Winston Chitando has done a fantastic job towards a $12 billion dollar Mining Economy which has actually contributed US$5 billion dollars of the US$6 billion dollars the country recieved in exports.

Appearing before a Parliamentary Portfolio Committee on Defence, Home Affairs and Security, the Chancellor of the Exchequer, Apex bank boss said,
“Gold and other minerals contributed five out of the six billion United States dollars the country received.”

Governor Mangudya also said, “It is not true that our currency is backed by gold. It was the United States dollar which was last backed by gold in 1971 and that has since changed.”

Dr Mangudya added that, “Gold and other minerals are contributing 80 per cent of the country’s exports.”

Meanwhile Governor Mangudya’s remarks come at a time the local currency is losing value against other currencies, especially the United States dollar at a very paced rate.

Economic commentators say the Zimbabwe dollar was prematurely reintroduced before the country had met all the fundamentals.

The achievement from the Ministry of Mines and Mining Development led by Minister Winston Chitando, have however kept the economy afloat.

Speaking exclusively to TechnoMag the Minister of Mines and Mining Development Hon Winston Chitando once said,  ”..then we also have gold were we have lots of breaches large scale mining and small scale mining..on the large scale miners the notable projects includes but not limited to shamva mine whose re-opening was graced by His EXCELLENCY. Which will produce up to 5 tonnes Eureka .so far one and a half tonnes a brand new production and lots of expansions in new projects and also lots of increase in the artisanal gold production which we are targeting .we are targeting to have 100 tonnes per annum by 2023 yes admittedly we witnessed a slump in production last year …BUT Government is working. and looking at the policy framework to see how we can how government can facilitate the production of 100 tonnes per annum of gold…”

Chitando’s $12 billion dollar Economy means the Economic fundamentals of producing are in place for the RBZ Governor to ensure a producing Economy and not consumptive Economy makes Zimbabwe’s Economy continue on the right trajectory.

Mangudya has hence ensured his Monetary Policy steadily guides the Economy and it is now up to the Fiscal Policy led by Minister of Finance and Economic Development Professor Mthuli Ncube that must ensure Government lives within it’s means and must not over borrow from Dr Mangudya’s Central Bank.

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