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Zimbabwe’s mining industry contributed half of the US$4,8 billion export revenues generated during the third quarter ended September 30, 2020, the Reserve Bank of Zimbabwe (RBZ) has said.
RBZ governor John Mangudya said mining industry export receipts rose by 14% to US$2,4 billion during the period.
“I want to assure you that we are getting forex mainly from the mining sector,” Mangudya told industry executives during the launch of the 2021 State of the Mining Sector Survey.
“We are also getting foreign currency from government in terms of duty and taxation.
“You are doing a fantastic job as a mining sector. The forex receipts include all exports and diaspora remittances.
“You must note that the mining sector’s growth (rate) is above export receipts growth. It has been a major driver.”
He said the mining sector had underpinned exchange rate stability at the foreign currency auction system that was introduced in June.
After a volatile start to the year, the Zimbabwe dollar has held its own against major currencies since the introduction of the auction system.
In the past four months, the Zimbabwe dollar has stabilised against the greenback at US$1:$81. The Standard
