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Zim Has Ample Forex To Improve Economy If Its Harnessed Through Formal Channels – Economist

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Executive director of the Africa Development Strategies, Professor Gift Mugano, has exclusively revealed to TechnoMag that Zimbabwe is generating enough foreign currency that would assist in improving the economic fortunes if harnessed through the formal channels. Last year, the country saw inflows of over US$6,2 billion and is on course to rake in US$8 billion this year.

Meanwhile, Ms Shanangurai Takaindisa, the deputy chairperson of the Bankers Association of Zimbabwe, urged Government to retain some of its gold and other minerals in reserve to shore up the local currency.

Prof Mugano called on Parliament to exercise its oversight on the use of the foreign currency coming in through exports and other official inflows.

”We are in the top five of receiving foreign currency in Africa, so where is it going? What is happening is that people are trading money. It has become a commodity because of the gap between the official rate and the parallel market rate,” he said.

Prof Mugano bemoaned the increase in the number of people using their skills and expertise to circumvent systems.

“If Government doesn’t deal decisively with this corruption and trading in foreign currency, we will make history as a country of having a collapsing economy when we have all the positive indicators,” he said.

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