🟣Dear @ReserveBankZIM,
1. Please may we get clarity on the “offshore gold reserves?
2. Where are they being held? Why are they offshore as opposed to here?
3. How did those reserves get there?
4. Who is accounting for them?
5. Who has the right to use those reserves?
6. Has the Auditor General audited these reserves?
We need new leaders.🇿🇼
#ZimbabweEconomyExclusive
Zimbabwe is broke; it only has less than 12 days of import cover according to the figures released today by the new governor of the Zimbabwe central bank, John Mushayavanhu.
Mushayavanhu said that the central bank only has 2.5 tonnes of gold, which translates to US$189,105,000 at today’s gold price of US$75,642 per kilogram.
The new Reserve Bank Governor said that Zimbabwe has US$100 million in foreign exchange cash, making the total balance US$289,105,000 ONLY!
Zimbabwe’s monthly import bill for March was US$745 million according to the central bank figures, meaning that it only has import cover for 11.6 days, that is ELEVEN DAYS.
For context, Zambia has forex import cover for 3.7 months, Malawi has import cover for 2.7 months, Botswana has import cover for 5.9 months, South Africa has import cover of 5.5 months, Namibia has import cover of 5.6 months, and Kenya has import cover of 4.5 months.
The minimum requirement for import cover is THREE months!
Import cover or import cover ratio is an economic indicator that measures a country's ability to pay for its imports using its foreign exchange reserves.
It is calculated by dividing a country's foreign exchange reserves by its average monthly imports.
Import cover measure is important because it tells you how much a country is able to buy outside its borders.
This obligation of covering imports does not include debt re-payments, meaning that we are in a more serious situation!
After paying its foreign debts, Zimbabwe will have less than 11,6 days of cover!
Zimbabwe now has the highest inflation in the world and a worthless currency after massive looting of public funds and the merciless plunder of the country’s natural resources!
@PoliceZimbabwe [VIDEO] A ZRP officer sets a dog on a learner. St Faith's Mission pupils in Rusape are protesting against the Anglican Church over a new US$600 mission fund, Manica Post reported.
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