Half Year Foreign Currency Receipts Drop by 24%

Global foreign exchange receipts for the half-year to 30 June 2019 dropped by 24% to  US$2,581.9 million from $3,396.3 million recorded in the same period last year according to a presentation by Deputy Governor, Reserve Bank of Zimbabwe, DR Jesimen Tarisa Chipika.
The comparison shows that in the primary industry, mining receipts dropped to $1,240.0 million from $1,542.2 million last year and in agriculture, including horticulture and tobacco receipts went down to $318.2 million from $353.0 million. Zimbabwe’s mining and agricultural sectors are the largest producers of the much needed foreign currency.
Tourism, which has been performing well in the past years also witnessed receipts going down $62.0 million from $89.2 million.
Foreign investment receipts also went down to $14.4 million from $14.6 million. Foreign investors participation on the Zimbabwe Stock Exchange plummeted to 17% from 60%, with repatriation to countries of origin becoming a challenge.
Other negative growths in the comparison were recorded in transport receipts which went down to $89.2 million from $119.8 million and general services receipts recorded $20 million down from $30.1 million.
Manufacturing receipts, however, as at 30 June 2019 went up to $80 million from $70 million and income receipts grew to $39.0 million from $18.8 million.