US$900 million in cash and bond notes/coins worth US$136 million are circulating in Zimbabwe; but fiscal indiscipline — principally hoarding and externalisation — continues to curtail market liquidity, a Reserve Bank of Zimbabwe study has established.
RBZ data also shows that bank deposits increased from US$6,14 billion in September 2016 to US$6,51 billion last December on the back of reduced grain imports, increased Diaspora remittances and remarkable export growth.
Zimbabwe is believed to have lost over $2,5 billion in capital flights and trade misinvoicing between 2008 and 2013 due to the country’s controversial empowerment laws, a local think-tank has said.
A latest report by the Zimbabwe Economic Policy Analysis and Research Unit (Zeparu) revealed that unrecorded capital outflows occur through trade with different countries including Canada, China, Germany, Greece, Italy and United States.
Zeparu noted that these countries were used as gateways of capital out of Zimbabwe in the five-year period.
THE Reserve Bank of Zimbabwe (RBZ) has released guidelines to compel retailers and wholesalers to bank their takings as the country’s cash crisis deepens.
The RBZ claims that retailers and wholesalers, a sector reserved for locals, have been contributing significantly to the crisis by avoiding the banking sector preferring to exchange the bond notes for the scarce United States dollar on the black market.
According the new guidelines, shops are expected to bank their takings within 24 hours and keep evidence of all bank transactions.
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