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Retailers Welcome Relaxation Of US Dollar Restrictions

The Zimbabwe Retailers Association (CZRA) has welcomed the Reserve Bank of Zimbabwe’s (RBZ) relaxation of the usage of free funds during the COVID-19 crisis.

CZRA president Denford Mutashu said the move is commendable as it would make it easier for businesses to restock as the world battles the novel coronavirus. Said Mutashu:

We view the move as progressive as it is going to unlock the availability of basic commodities on the market in light of the global challenges brought about by the Covid-19 pandemic.

This flexibility shown by the Government was long overdue and we believe it will redirect the foreign currency to the formal market, which was not the case before as most of the money was going to the informal market where players were accepting payments in US dollars or rand.

We now await the Statutory Instrument that will formalise this policy and lay out implementation modalities, but we have to take note that most prices are already indexed on the parallel market exchange rate.

On Thursday RBZ Governor John Panonetsa Mangudya announced that holders of free funds are now free to pay for goods and services in foreign currency, while the exchange rate was fixed at $25 to US$1.

More: The Herald

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