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Zimbabwe tourism crisis impacts on country’s forex position
Zimbabwe’s Reserve Bank (RBZ) admitted this week that the continuing decline in earnings from tourism ventures, hotels and restaurants, had significantly weakened the country’s foreign currency position.
The RBZ’s latest economic highlights, for April 2002, confirms that a drop of around 66% in tourist receipts from US$239,2m (around R2,4bn) in 1996 to just US$81,4m (around R814m) in 2001 had crippled the hospitality, travel and leisure industries.
“Low activity in the tourism sector, particularly from the year 2000, has impacted negatively on travel receipts. Tourist arrivals dropped significantly and hotel occupancies are still low,” the report said.
“Against this background, the country’s foreign exchange situation has worsened, further constraining local industry’s capacity to procure essential raw materials and other inputs. The land-locked nature of Zimbabwe has made it reliant on neighbouring countries putting the country at a comparative disadvantage.”
The RBZ said that tourism, however, retains the capacity to boost foreign exchange earnings, aided by the 15 percent concessional export finance facility, and the revival of
downstream tourism industries. Information supplied by Travel News Now
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