The Zimbabwe Textile Manufacturers’ Association (Zitma) has called on the Reserve Bank of Zimbabwe (RBZ) to stop handling the prioritisation of foreign currency saying that it is failing industry. Speaking to NewsDay, Zitma vice president Freedom Dube said,
The sector is heavily weighed down by shortage of foreign currency as we are not on the Reserve Bank of Zimbabwe’s priority list. As such, we are struggling to get forex. To make matters worse, the bulk of raw materials is imported. For instance, 90% of our raw material is being imported and we need quite a lot.
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Industry should be dealing with their banks not with the Reserve Bank of Zimbabwe…. I believe it was going to be better if the system was being spearheaded by the banks not by the central bank because my bank knows me very well. The issue of centralisation has killed us.
The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About Reserve Bank of Zimbabwe