RBZ sets forex priority list

The Reserve Bank of Zimbabwe (RBZ) has set a prioritization list for firms and/or entities that will be able to access foreign currency at the new inter-bank foreign exchange market.

Announcing the Monetary Policy statement last week, RBZ governor Dr John Mangudya announced the introduction of an inter-bank foreign exchange market. And the governor later added that the majority of foreign currency will be allocated for the productive sectors of the economy.

"70 percent of the foreign currency will be utilised for productive sectors' imports and requirements, while 30 percent will go to other things. You cannot have US$5 million going towards purchasing of a private jet at the expense of companies like Delta, Dairibord and the like," said Dr Mangudya.  

He added that, "Companies need to boost production, because the floating of the US dollar alone will not enhance productivity."

More to follow...