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Forex Deposits Reach $151,06 Billion RTGS From $92 Bill, Up US$1,72 billion

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The Reserve Bank of Zimbabwe Governor Dr John Mangudya has revealed that Foreign Currency Accounts (FCA) deposits increased from $92,19 billion (in Zimbabwe dollar or local currency terms) in September last year to $151,06 billion in September this year.

In line with the annual growth, FCA deposits were up month-on-month in the period under review, after they rose from $133,77 billion in August to $151,06 billion in September.

This comes after Zimbabwe’s export receipts for the first nine months of 2021 jumped 38 percent to US$6,1 billion from US$4,43 billion realised in the same period in 2020.Improvements were realised in international remittances which grew by over 53 percent and export earnings which grew by 36 percent buoyed by firming global commodity prices.

The growth is expected to take Zimbabwe’s official foreign currency earnings to a record figure of about US$8 billion in 2021 from US$6,29 billion realised in 2020.

FCA balances grew from US$1,13 billion to US$1,72 billion over the 12 months to September 2021, the central bank Governor indicated in the update to the market released this month, as confidence in the country’s economy and banks keeps bulking.

Notably, the growth in FCA deposits was largely driven by revaluation changes, owing to the movement of the exchange rate from $83,40 per US$1 in September 2020 to $92,09 per US$1 in September 2021.

Foreign currency account (FCA) deposits, on a broad money basis, grew by 68,85 percent in the year to September 2021, latest statistics from the Reserve Bank of Zimbabwe (RBZ) Governor Mangudya show.

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