The Reserve Bank of Zimbabwe (RBZ) has revealed that the country earned $4 billion in export receipts between January and September this year, with most of it finding its way out of the formal systems.
Central bank governor, Dr John Mangudya told captains of industry and commerce on Wednesday that monetary authorities are concerned over the use of foreign currency with most of it being utilised for ‘useless’ activities and part of the hard cash being stashed at home.
“Let us be realistic, the foreign currency earned is not being fully utilised for the real purposes and it is a key cause for concern,” he said.
On the recent spate of panic buying, artificial shortages and alleged cartels in some sectors, Dr Mangudya said financial discipline is needed.
“What we now need is the right attitude to focus on economic development,” he added.
According to Dr Mangudya, monetary authorities are now focusing on the mobilisation of hard currency to sustain economic requirements, with the private sector being expected to take a leading role.
“The private sector you are the face of the economy and as such you need to do the best,” he said.
Industry has pledged to work with the central bank in ensuring the recent spate of illegal price hikes and artificial product shortages will not resurface again.