Source: Forex inflows rise to US$3,35bn – herald
Debra Matabvu
Senior Reporter
ZIMBABWE’s total foreign currency inflows increased to US$3,35 billion during the first two months of the year, compared to US$1,89 billion recorded during the same period last year, following a rise in exports, particularly in the mining sector, the Reserve Bank of Zimbabwe has said.
In a statement issued after the RBZ Monetary Policy Committee (MPC) meeting on Wednesday, central bank Governor Dr John Mushayavanhu said the country’s strong export performance, driven mainly by mining, particularly gold and Platinum Group Metals (PGMs), largely contributed to the increase in foreign currency inflows during the period under review.
Dr Mushayavanhu said the strong foreign currency inflows received in January and February have boosted foreign exchange reserves and backed the Zimbabwe Gold (ZiG) currency.
“Reflecting strong export performance mainly driven by mining exports, particularly gold and PGMs, total foreign currency inflows increased to US$3,35 billion during the first two months to February 2026 from US$1,89 billion for the comparable period in 2025,” he said.
“The strong foreign currency inflows have helped rebuild foreign exchange reserves and support stability in the foreign exchange market, while providing adequate backing for the local currency, ZiG.”
Zimbabwe recorded foreign currency receipts of over US$16 billion in 2025, supported by a current account surplus of about US$2 billion, developments that the Reserve Bank said have strengthened exchange rate stability and reduced exchange rate risks.
Foreign currency inflows are expected to exceed last year’s US$16 billion, driven by firm global commodity prices, improved agricultural output following a favourable rainfall season, and continued diaspora remittances and investments.
These inflows would further strengthen the country’s external position and support the stability of the ZiG as authorities press ahead with monetary reforms aimed at restoring full confidence in the local currency.
Dr Mushayavanhu also said the RBZ has received “overwhelming positive” feedback on the new upgraded ZiG notes set to be introduced early next month.
He said the introduction of the new notes will improve transactions and support wider use of the local currency. “The MPC took note of the overwhelming positive
feedback from the nationwide BiG 5 ZiG banknotes education and awareness campaign from all provinces and districts across the country,” Dr Mushayavanhu added.
“The feedback shows that the country has embraced the upgraded BiG 5 ZiG Banknote Series and called on the Reserve Bank to sustain the prevailing price, currency and exchange rate stability to boost confidence in the local currency.
“The introduction of the upgraded ZiG Banknote Series on April 7, 2026, is, therefore, expected to improve transactional convenience for the public and support wider use of the local currency.”
Further, the MPC resolved to leave the central bank’s benchmark interest rate unchanged at 35 percent in response to the inflationary impact of the global oil price shock, while reaffirming confidence that annual inflation will remain in single digits throughout the year.
The MPC resolved to “stay the course” on its current monetary policy stance, maintaining both the Bank Policy Rate and existing statutory reserve requirements.
The committee also temporarily suspended a recently introduced export-retention threshold for small-scale gold miners following implementation challenges.
The decision comes against a backdrop of rising geopolitical tensions in the Middle East, which have pushed up global oil prices.
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