Reserve Bank of Zimbabwe<\/a>.<\/p>\nThe latest monthly report covering the period ending August 31 2019, shows foreign currency inflows have significantly recovered.<\/p>\n
\u201cIn the month of August 2019, foreign currency accounts deposits rose to 29 % up from 24 % in the month of July 2019,\u201d says the report.<\/p>\n
The deposits had dwindled from 26 % recorded in June 2019, a month in which government moved to abolish foreign currency deposits.<\/p>\n
The report also says credit to the private sector registered a monthly growth of 10 %, from $6 billion in July 2019 to $6.1 billion in August 2019.<\/p>\n
On a year to-year basis, credit to the private sector grew by 64 % in August 2019.<\/p>\n
Outstanding credit to the private sector was distributed as follows; households 22 %; agriculture 21%; services 13 %; distribution 13.10%; manufacturing 10 %; financial organisations and investments, 10 %; and mining 7 %.<\/p>\n
Merchandise imports registered a decline of 22 %, from US$458.6 million in June to US$357.0 million in July 2019. The decline was largely underpinned by lower imports of fuel, notably diesel and petrol.<\/p>\n
Monthly merchandise exports rose by 25 %, from US$240 million in June, to US$300 million in July 2019.<\/p>\n
The increase was attributable to a rise in export earnings from gold 41%; nickel ore and concentrates 28 % and ferrochrome 28.1%.<\/p>\n
The country\u2019s total merchandise trade declined by 6.0%, to close at US$656 million in July 2019, from US$698 million recorded in the previous month.<\/p>\n
This was, largely underpinned, by the significant slowdown in merchandise imports. Merchandise Exports Monthly merchandise exports rose by 24.9%, from US$240 million in June, to US$299.5 million in July 2019.<\/p>\n
The increase was attributable to a rise in export earnings from gold (41 %); nickel ore and concentrates (27.8%); and ferrochrome (28.1%).<\/p>\n
However, the country\u2019s export basket remained largely concentrated in a few primary and semi-processed commodities, which included; gold; ferro chrome; flue-cured tobacco; diamonds; and cane sugar.<\/p>\n","protected":false},"excerpt":{"rendered":"
FOREIGN currency deposits have maintained a growth trajectory, increasing by 5.41 % indicating a significant recovery from the slump which was experienced in the month of July 2019. This is according to a recent monthly economic review by the Reserve Bank of Zimbabwe. The latest monthly report covering the period ending August 31 2019, shows […]<\/p>\n","protected":false},"author":84,"featured_media":4139,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,8,12],"tags":[800,450,49],"class_list":{"0":"post-15889","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-head-lines","9":"category-policy","10":"tag-government-of-zimbabwe","11":"tag-mangudya","12":"tag-zimbawean-manufactures"},"yoast_head":"\n
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