Published: 08 February 2018

Externalised funds have significantly trickled back into the country's formal banking channels as a moratorium set by the President Emmerson Mnangagwa for those involved in the externalisation of funds and assets is left with just under three weeks before it lapses.

The revelation emerged when Reserve Bank of Zimbabwe governor, Dr John Mangudya presented the 2018 monetary policy this Wednesday (today).

During the monetary policy presentation, the central bank governor noted that externalised funds made significant headway back into the country as reflected by the jump in bank deposits.

Although the governor could not provide details to the actual amounts returned into the formal banking systems, the apex bank said it is impressed by the response to return externalised funds.

It is estimated that the country lost close to $3 billion in externalised funds a factor that has been crippling the sustainability of the local economy.

Dr Mangudya also announced a raft of measures which will be critical to buttress re-engagement efforts among them strategic policies to protect and guarantee investor interests.

The monetary policy has also addressed diaspora remittances which have contributed significantly to the foreign currency receipts by announcing the creation of a nostro stabilisation facility specifically for Zimbabweans in the diaspora to promote local investments.

The exports promotion scheme for tobacco this year will receive $70 million up from $27 million in 2017, while $150 million will be channelled towards gold production up from $74 million last year.

Furthermore value addition on gold will see jewellery manufacturers retaining 100 percent of all export receipts on top of 3kgs fine weight gold allocated to them by the Reserve Bank of Zimbabwe.
- zbc

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