Zimbabwean exporters are keeping $900m offshore, finance official says

A currency dealer counts wads of bond notes outside a bank in Harare, Zimbabwe. Picture: REUTERS/PHILIMON BULAWAYO

The Southern African nation is gripped by a severe dollar crunch, which has triggered shortages of fuel and medicine. The local currency has fallen, sending prices of basic goods soaring. Another $400m was outstanding from the January to May 2019 exports, which earned $1.4bn, he said. Exporters were also keeping $800m in local foreign currency accounts, he added.

"The issue is how do we enhance the interbank market so that those export proceeds can be liquidated on the interbank market," said Guvamatanga, who appeared with finance minister Mthuli Ncube.Speaking on condition of anonymity, some said they were reluctant to sell their money on the official market, where traders have said the central bank is influencing the exchange rate.

Because if they repatriate it it will be plundered by the government?

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