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Zimbabwe's foreign reserves near US$1 billion
2 hrs ago |
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Reserve Bank of Zimbabwe (RBZ) Deputy Governor Dr. Innocent Matshe has revealed that the country's foreign reserves have surged from US$276 million in April 2024 to about US$930 million by September 2025, marking a significant improvement in the nation's financial position.
Dr. Matshe said the central bank now aims to reach the US$1 billion mark within the next month, a milestone that would further strengthen Zimbabwe's external sector stability.
He noted that the current reserves now cover reserve money five times over, a position he described as exceptional among peer economies in the region.
Import cover has also improved dramatically, rising from 0.2 months in 2024 to 1.2 months in 2025, with the RBZ targeting three to six months of import cover by 2030.
The Deputy Governor attributed the progress to disciplined monetary management, enhanced export performance, and improved inflows from mining and remittances.
He added that sustained growth in reserves will be key to stabilising the local currency, supporting import requirements, and reinforcing investor confidence in Zimbabwe's economy.
Dr. Matshe said the central bank now aims to reach the US$1 billion mark within the next month, a milestone that would further strengthen Zimbabwe's external sector stability.
He noted that the current reserves now cover reserve money five times over, a position he described as exceptional among peer economies in the region.
The Deputy Governor attributed the progress to disciplined monetary management, enhanced export performance, and improved inflows from mining and remittances.
He added that sustained growth in reserves will be key to stabilising the local currency, supporting import requirements, and reinforcing investor confidence in Zimbabwe's economy.
Source - online
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