By Daniel Chigundu
Reserve Bank of Zimbabwe governor John Mangudya says he is pleased with the work they have been doing in trying to revive the economy despite what other people think.
Zimbabwe is currently facing a cocktail of challenges fronted by currency shortages, fuel shortages basic commodity shortages and uncontrollable price hikes among many others.
However, appearing before the Parliamentary Portfolio Committee on Energy and Power Development, Mangudya said Zimbabwe has done well compared to other countries on the continent.
“If we are to compare with countries like Rwanda, Rwanda has US$1.8 billion exports, Ethiopia is the second populous country in Africa has about US$2billion exports but Zimbabwe has more foreign currency in terms of exports so chairman US$6billion of foreign currency inflows into the country it’s not a mini job it’s quite significant and we are quite happy with what we have done in the exports.
“Just divide that with 12 and that’s US$500million per month, so compared to last year total inflows into the country from the diaspora, exports and others were US$4.6 billion, and so the country is not doing badly despite what people think about this country.
“I say Zimbabwe has done very well under difficult circumstances, I am underlining these things because if it were other countries that have access to foreign finance we could reach the moon but because of other constraints it means we are able to generate our own foreign currency in the country and we need to thank ourselves for that and I need to thank Zimbabweans for that and I think all the companies in this country they are doing very well, I respect them,” he said.
Meanwhile, the governor took the opportunity to assure the nation not to panic over the current fuel situation ahead of the festive season adding that the situation is stable and there is more fuel in the country and in the pipes.
“We are assuring the nation that the fuel situation is stable and that there will be no queues if we also use fuel in a rational manner.
“We are appealing to the people of Zimbabwe not to panic because fuel is there, both in Msasa, in tanks and is being delivered,” he said.