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Zimbabwe's banking system as a hindrance to business and trade

by Staff reporter
21 Sep 2017 at 06:15hrs | Views
Iranian MPs yesterday described Zimbabwe's banking system as a hindrance to business and trade between the two countries, as it had become a nightmare to transfer money across borders.

MPs from the Iran-Zimbabwe Parliamentary Friendship Group, led by Mostafa Kavakebian, met Speaker of the National Assembly Jacob Mudenda, Deputy President of the Senate Chenhamo Chimutengwende and the Kindness Paradza-led Parliamentary Portfolio Committee on Foreign Affairs.

It was revealed during the meeting that currently business between the two countries was low, with Zimbabwe having exported goods worth a minuscule $1 000.

"We would like banking relations to be improved because Iranian businessmen in Zimbabwe are saying that it is very difficult to transfer money," Kavakebian, who also chairs the Iranian Parliamentary Portfolio Committee on National Security and Foreign Policy, said.

"The Iranians also said there was need to clarify the indigenisation policy.

However, the Iranian legislators said politically, Zimbabwe was one of their biggest supporters, especially on the issue of lifting United States sanctions and lifting of the ban on its nuclear programme.

Iranian ambassador to Zimbabwe, Ahmad Erfanian said the Persian nation had reservations over the limits of money transfers.
"The level of exports between the two countries, according to our statistics, is very low and currently exports from Zimbabwe to Iran are $1 000.

But last year, exports from Zimbabwe to Iran were $4,8 million, and two years ago exports from Iran to Zimbabwe were $400 000 and last year it was $200 000. When I speak to Iranian businessmen here, they say that the main problem is transfer of money between the two countries," Erfanian said.

Mudenda promised to engage Reserve Bank governor, John Mangudya on the banking problems raised by the Iranians.

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Source - newsday
More on: #Banking, #Zimbabwe, #Iran

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