Mining main source of foreign currency for Zimbabwe, report

Zimbabwe’s mining industry has become the country’s major source of foreign currency inflows.

As reported by the Zimbabwe Economic Review, mining accounted for 83 percent of the country’s exports. It also contributed to 73 percent of foreign direct investment.

And at least 19 percent of the government’s revenues has also been attributed to mining.

Apparently, some of the statistics are as follows: 11 percent of individual incomes, 2 percent of formal employment and 38 percent of active Exclusive Prospecting Orders (EPOs).

Meanwhile, mining is one of Zimbabwe’s major foreign currency earners as well as agriculture.

With the country’s manufacturing sector in the woods, the other source of foreign currency for the country is remittances.

Zwnews