Almot Maqolo, Staff Writer 
ZIMBABWE’S foreign currency receipts have increased by 23,8 percent to US$9,9 billion between January and November 2022 from US$8 billion received during the same period last year, latest data shows.
Export proceeds constitute the bulk of foreign currency receipts at 64 percent and remittances at 14 percent.
Reserve Bank of Zimbabwe deputy governor Innocent Matshe told a post-budget review seminar organised by the Confederation of Zimbabwe Retailers in Harare this week that robust foreign exchange inflows supported by foreign reserve balances will help anchor the country’s economic stability.
“Strong foreign currency receipts relative to foreign payments, coupled with monetary restraint, should sustain favourable exchange rate dynamics,” he said.
“Foreign payments amounted to US$7,2 billion, leaving a surplus reflected in foreign currency accounts deposits build up.”
According to Matshe, diaspora remittances stood at US$1,35 billion, compared to US$1,15 billion in the same period last year. Non-governmental organisations brought in US$951,4 million in the period under review, compared to US$797 million last year.
Zimbabwe’s foreign direct investment (FDI) inflows rose 153 percent to US$155 million from US$61,2 million in the comparative period last year.
“It shows that confidence is building and together with the ministry of Finance will make sure that it is accelerated and it is sustainable,” he said.
The country is prioritising agriculture and mining and has amended investment laws to encourage development of the two sectors.
Investor interest in the country has grown as a result of the current administration’s pro-foreign investment stance, which is consistent with the country’s “open for business” mantra.
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