Zim economy on the rebound

Zim economy on the rebound
Published: 11 May 2018
Reserve Bank of Zimbabwe governor John Mangudya, says the Zimbabwe economy has started registering growth on the back of improved industrial productivity, but the expansion was exerting pressure on the supply of hard currency.

Mangudya's remarks come amid frequent reports that large manufacturing entities, including Delta Corporation and packaging products supplier Nampak Zimbabwe, were badly affected by the prevailing forex crisis.

He, however, said he was on top of the situation. Mangudya said the fact that Delta's requirement for foreign currency had grown from $500 000 to current $1 million per week, was a reflection of growing productivity, driven by stronger demand for its products.

Mangudya said the fact there no longer were frequent reports of companies that were closing down due to economic challenges was ample evidence that production was on rebound and the economy on recovery.
- Business Weekly
Tags: RBZ,


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