'Zimbabwe import bill to decline,' says Chanakira

The high import bill is set to be worsened by the South African rand that has dropped to all-time low levels against the dollar, an official has said.

The South African rand plunged to R16 against the United States dollar last week, after the sacking of Finance minister Nhlanhla Nene.

It strengthened to R15 to the dollar yesterday as markets showed confidence in the reappointment of Pravin Gordhan as the new South African Finance minister.

Speaking at the third edition of the Buy Zimbabwe awards held last week, Zimbabwe Investment Authority chairperson Nigel Chanakira said the high import bill is being affected by the drop in regional currencies particularly the South African rand.