Delta Struggling To Get Forex From Interbank Market

Beverages manufacturer, Delta Corporation said that its operations are hampered by scarce foreign currency, and the interbank market has not helped at all.

Speaking on the sidelines of Delta’s analyst briefing on Wednesday, the company’s chief executive officer Pearson Gowero said:

There is now an interbank market, so anybody that required forex should go to the interbank market.

But, what is clearly happening is that the interbank market doesn’t have enough dollars for everybody.

We have participated there. I do not have the numbers, but we are not getting as much as we would like.

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… There was an initial amount of money available in the interbank market, but this was just in the first few weeks, thereafter, as I speak today there is very little if any that has been made available through that market and businesses have had to devise different ways of sustaining those investments.

The Reserve Bank of Zimbabwe recently introduced the interbank market where financial institutions can buy and sell foreign currency and Real Time Gross Settlement dollars.

More: Newsday