Zero Pindula

WhatsApp Message

*Foreign Currency Deposits Rise 433% In Five Years - RBZ*

*Follow Pindula on WhatsApp for daily new updates*
https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?ue

The Reserve Bank of Zimbabwe (RBZ) says foreign currency deposits in the banking sector increased by 433% between 2018 and September 2023.

Speaking at the Zimbabwe Independent Banks & Banking Survey and Awards ceremony in Harare last week, RBZ Governor John Mangudya said foreign currency deposits were US$300 million in 2018, and by the end of September 2023, had risen to US$1.6 billion. The Zimbabwe Independent quoted Mangudya as saying:

----------
itel A70 256GB
$99USD

WhatsApp: https://wa.me/+263715068543
Calls: 0772464000
----------

> Confidence in the banking sector improved significantly as depicted by growth in foreign currency deposits from around US$300 million in 2018 to US$1.6 billion as of the end of September 2023.

> The banking sector has demonstrated resilience and strong performance with all banking institutions recording profits.

> Banking sector performance indicators compare favourably to international benchmarks.

> Financial inclusion reached 83% driven largely by digital financial services, about 95% of local currency transactions are conducted through electronic payment systems and mobile transactions account for 80% of total volume of transactions highlighting its significance in promoting financial inclusion.

Official data shows that the United States dollar is now the dominant currency in the economy with 80% of domestic transactions being conducted in the greenback.

More: Pindula News

_If you found this article useful_
*Please support Pindula by forwarding to friends and groups*