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Zimbabwe Targets US$12Billion Earnings By Year End

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Zimbabwe raked in a record US$9,7 billion in forex earnings last year and expects a US$12 billion haul this year.Nevertheless Confederation of Zimbabwe (CZI) president Mr Kurai Matsheza recently said industry’s capacity utilisation rose to 56,3 percent last year on improved forex availability, but noted the continuous failure to settle allotments in time on the auction system could reverse gains made in the manufacturing sector.

Zimbabwe’s annual inflation rate surged to 191,6 percent in June from 131,7 percent in May.

However, rising inflation, like in many parts of the world, is largely being driven by disruption of global supply chains and rising prices caused by the war in Ukraine.

The Confederation of Zimbabwe Industries, however, believes the foreign currency auction backlog puts pressure on the parallel market, “as companies look for alternative markets of foreign currency in a bid to fill the void created by the backlogs.”

“Successive failure to clear the backlog as promised dents the credibility of corrective policy announcements,” CZI said.

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