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Mangudya blames continued usage of Visa and Mastercards for forex shortages

RBZ  governor John Mangudya has blamed the continued usage of Visa and Mastercards for contributing to the forex shortages.  He said the cards were being used for non-productive use.  Local banks have already started putting caps on the total amounts that people can transact using Visa and MasterCards.

Speaking to guests at the inaugural Gold Sector Awards on Friday, RBZ governor, John Mangudya said

Many people think that the Reserve Bank allocates 100% of the foreign exchange in this economy. The truth of the matter is that the RBZ redistributes between 25-30% of the foreign exchange earnings in this country. What happens is that when Visa and MasterCard are used, they hit the nostro accounts. Whilst others are exporting for productivity others are busy using cards.

More: Newsday 

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