Zimbabwe Forex Reserves Rise to $900M

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Zimbabwe’s foreign currency reserves reached US$900 million, supported by US$2.2 billion in inflows that raised total reserves to US$10.4 billion by August, up from US$8.2 billion a year earlier. The Reserve Bank of Zimbabwe said gold and tobacco exports drove the increase, contributing to a projected current account surplus of US$1.3 billion. The Monetary Policy Committee credited money supply management for exchange rate stability and kept policy rates unchanged, forecasting ZiG inflation near 20% by year-end.