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90 percent of Zimbabwean foreign currency now in formal market 90 percent of Zimbabwean foreign currency now in formal market
Finance and Economic Development Minister Professor Mthuli Ncube
ABOUT 90 percent of the country’s foreign currency is now circulating in the formal market thereby stabilising the exchange rate and stimulating economic growth, Finance and Economic Development Minister Professor Mthuli Ncube has said.
The Sunday Mail has gathered that foreign currency deposits in nostro accounts now sit at about US$1,2 billion while local currency deposits are at ZWL$80 billion.
As a result, the parallel market, which has in the past hamstrung the economy, has been subdued due to growing confidence in the local currency, which is now in demand.