Businesses Fail To Get Forex From Interbank Market

The business community in Bulawayo has raised concern over the unavailability of foreign currency from the interbank market.

The Reserve Bank of Zimbabwe governor John Mangudya said that firms that claim not to have foreign currency are unable to but buy it at the 2,5 rate.

However, Confederation of Zimbabwe Industries (CZI) Matabeleland chapter president Joseph Gunda said there is no foreign currency in the banks. Said Gunda:

The current challenge following the monetary policy announcement is that industry cannot access the forex. The seed money that we were told was made available to the banks, very few, if any, have accessed it.

I have been talking to my colleagues and no one has said they have accessed that money. Was talking to one colleague earlier on, he says he went to his bank and was told that all the money has been utilised by pharmaceuticals, about $2 million from one bank.

So I was just saying so pharmaceuticals took $2 million, so we should then have all our pharmacies fully stocked with medicines.

Related:

More: Newsday

John Mangudya

John Panonetsa Mangudya is an economist and the current Reserve Bank of Zimbabwe governor. Mangudya, who sits on many local and international boards .He was made RBZ governor after the expiry of Gideon Gono's term in 2014. He had been CBZ Holdings Ltd Chief Executive... Read More About John Mangudya


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