Home
About
Contact
Register
Login
Generate
WhatsApp Message
*Foreign Currency Deposits Rise 433% In Five Years - RBZ* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?dy 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: ---------- Latest itel S24 available on Pindula: 128GB storage, 4GB RAM $119 USD WhatsApp: +263715068543 Calls: 0772464000 Buy Online: https://www.pindula.co.zw/market/itel-s24-128gb-22-20240426142756795795/?s=wanews ---------- > 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*
Copy to clipboard
Feedback