RBZ Forex Allocation To Industry Drying Up: Manufacturers Complain

The Confederation of Zimbabwe Industries (CZI) said that the RBZ is failing to provide adequate foreign currency to manufacturers for the importation of raw materials. CZI president Joseph Gunda said

The only challenge that we have had of late is that the allocation from RBZ has been drying up. So manufacturers have been faced with a challenge of saying should they close or source the forex from other sources outside RBZ and when they do that they can’t absorb the price but pass it onto the customers, that’s the only reason manufacturers will increase their prices because they would not have obtained the forex at 1:1 but if they would have obtained it at 1:1 at RBZ I don’t see the rationale of increasing prices.

Gunda expressed ignorance on allegations that some manufacturers are charging exorbitant prices despite getting forex from the RBZ. He admonished the minister of industry to lobby for adequate forex for the manufacturers. He said

The most important thing that the minister should do is to fight for our case or course at RBZ, for allocation of forex to manufacturers. If that doesn’t happen you will find us fighting against those people that are raising prices because they can’t absorb the cost they secure the forex outside RBZ.

More: Sunday News

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