Delays in foreign payments causing cooking oil shortages

Posted by Maveriq

The local market is experiencing cooking oil shortages, due to  the fact that local manufacturers are failing to pay for raw materials from foreign firms.  The local cooking oil manufacturers are having difficulties in accessing money from banks to pay foreign currency  to the the suppliers.   United Refineries chief executive officer and Confederation of Zimbabwe Industries (CZI) president, Busisa Moyo, told NewsDay that:

Foreign payment methods have been strained, as banks do not have money to pay our suppliers,

We need assistance from the central bank to prioritise foreign payments so that we can pay our suppliers and adequately supply the market. We need these payments to go out.

Once our payments are made and reach our suppliers, we can start providing cooking oil on time. In the past, the central bank has helped and we hope this can be done again.

More: NewsDay



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