Home News RBZ Projects 3% Growth in 2020.

RBZ Projects 3% Growth in 2020.

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The Reserve Bank of Zimbabwe is positive about the outlook of the Zimbabwean economy which is expected to grow by 3% in 2020 on account of increased international prices of key minerals.

Presenting the 2020 Monetary Policy Statement in the capital today, RBZ Governor John Mangudya said he is also confident that this year’s agricultural outturn will be much better than initially anticipated due to improved rains.

“The Bank is positive about the outlook of the Zimbabwean economy which is expected to grow by 3% in 2020 on account of increased international prices of key minerals produced in Zimbabwe, namely gold, platinum and palladium, and coupled by the stable foreign exchange generation capacity of the economy.

“The Bank is also confident that this year’s agricultural outturn will be much better than initially anticipated due to improved rains received in January and February in most parts of the country,” he added.

According to Mangudya, gold deliveries to Fidelity Printers and Refiners (FPR) for the period January to 31 December 2019 were 27.66 tonnes, a decline of 17% from 33.29 tonnes recorded during the same period in 2018.

This was against the national gold target for 2019 which was set at 35 tonnes.

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Mangudya attributed the decline to gold leakages through smuggling among other reasons.

“The decline is attributable to electricity challenges coupled with inadequate equipment for small scale miners to access deep gold reefs and gold leakages through smuggling.

” Future efforts to increase gold deliveries to FPR shall include enhanced capacitation of gold producers and formalisation of artisanal miners, coupled with rigorous monitoring of gold production and marketing,” he said.

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