ZIMBABWE LOOKS TO ADDRESS FOREIGN CURRENCY SHORTAGE

Zimbabwe’s mines minister seeks to address foreign currency shortage in the country.

On Monday, 04 January 2019, Zimbabwe’s mines minister Winston Chitando said, soon introduction of monetary policy tools will help address foreign currency shortage affecting mining companies.

Lack of funds in the economy, has hurt mining companies including the Zimbabwe’s gold miner Riozim; Who closed three of its mines last year.

Minister Winston Chitando said in a presentation during a mining conference that; one major challenge the mining industry is facing is foreign currency shortage. He added that to ensure the mining industry continues to grow; There is also a need to ensure that the issue of foreign currency shortage is being addressed.

“One of the current challenges which the industry is facing relates to foreign currency retention… The central bank governor will over the next week or two come up with monetary policy intervention which would address that issue.”

Zimbabwe is hoping it’s mining sector will help revive its falling economy plagued with high inflation and unemployment. Meanwhile, the new President Emmerson Mnangawa who through a soft coup last year usurped power from former President Robert Mugabe is soliciting investors especially in the mining sector.

Minister Winston also said that government was also improving policies for specific minerals such as lithium and platinum; so as to improve investment.

In January, a state-run newspaper reported that; Zimbabwe’s government selected Russian diamond miner Alrosa and China’s Anjin investments to partner with the state diamond company.

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