Zimbabwe’s cash situation is improving gradually due to improved exports spurred by bonds notes and nostro accounts measures put in place by the central bank, The Chronicle reported today.
Quoting central bank deputy governor Kupukile Mlambo, the paper said nostro accounts premiums had dropped from about 60 percent to 25 percent as a result of improved exports, diaspora remittances and foreign direct investment.
“The premiums on foreign money on the nostros have actually narrowed considerably in the last few weeks. One time it was going over 60 percent but now it’s between 25 and 35 percent or 40 percent,” he was quoted as saying.
“The more Zimbabweans from outside bring in their dollars the less we have a problem with cash. As long as we are dollarized, we have to increase our exports, we are targeting those areas that generate foreign currency. If more Diasporas and investors come, the cash challenge will be solved because people come with their US dollars and that is what brings the liquidity we need.”