The Zimbabwe Tourism Authority (ZTA) says foreign currency remittances have increased over the past two years as 85% of revenue generated outside the country is being realised by the fiscal authorities.
The increase in remittances follows concerns raised a few years ago that local tour operators have not been remitting revenue generated outside the country to the national fiscus, hence starving government of the much needed revenue.
In an interview in the capital, ZTA Chief Executive, Mr. Karikoga Kaseke said the situation has improved with 85% of the revenue finding its ways into the fiscus though concerns remain on the other chunk which cannot be accounted for.
Mr. Kaseke said there is need for the financial services sectors to put its house in order to encourage the use of plastic money which is the international standard of transacting, especially for the tourism sector in light of the anticipated increase in tourism traffic next year.
Tourists from outside the country usually pay their accommodation and other facilities outside Zimbabwe, hence the need for those funds to be remitted to government in 30 days.
The tourism industry is performing well though concerns have been raised over the failure by the financial institutions to encourage the use of plastic money which has been described as the missing link in the economic growth matrix.