Forex remains elusive in Zimbabwe

The Confederation of Zimbabwe Industries (CZI) is counting losses in revenue and potential business owing to the delay in foreign payments which have adversely affected the whole manufacturing sector.

The shortage of foreign exchange continues to impact negatively on production within the manufacturing sector with reports indicating that most companies are queuing for foreign exchange allocation at the Reserve Bank of Zimbabwe.

The inadequate foreign currency allocation has also affected many other sectors of the economy, a problem which is attributed to limited exports receipts, hence negatively affecting the country's nostro account.

Briefing journalists in the capital on the proposed economic outlook symposium slated for the 26th of this month CZI president Busisa Moyo (pictured) said the delay in foreign payments has seen industry accruing significant losses in revenue and business opportunities.

However, with such challenges the industry representative organisation is optimistic that a solution will be found soon while also pinning hopes on the impending tobacco selling season.

The 2017 economic outlook is expected to tackle some of the challenges that the local manufacturing sector is facing while also coming up with measures to address the obtaining constraints.