News / Local
RBZ chides wastefull Zimbabweans as $206m is spent on DStv subscriptions
15 Feb 2017 at 10:59hrs | Views
The Reserve Bank of Zimbabwe has chided Zimbabweans for spending about $206,7 million on DSTV subscriptions describing the habit as 'illogical'.
That is for a six month period between July and December last year.
The central bank said the wasted funds should have been preserved as " foreign exchange for raw materials and other foreign payments that include education".
"A substantial amount of the US$206.7 million... for example, for card and DSTV transactions paid through the nostro accounts between July - December 2016 should have been settled locally and thus preserving foreign exchange for raw materials and other foreign payments that include education.
" In fact, card transactions – which require prefunding of nostro accounts - were the second largest user (after fuel) of foreign exchange during the second half of the year.
"Use of hard earned foreign currency in this manner is not sustainable for the economy" said the central bank in a monetary policy statement posted on its official website.
The bank said "spending more foreign exchange on DSTV subscriptions than on raw materials to produce cooking oil, for example, is not only counterproductive but also illogical".
That is for a six month period between July and December last year.
The central bank said the wasted funds should have been preserved as " foreign exchange for raw materials and other foreign payments that include education".
"A substantial amount of the US$206.7 million... for example, for card and DSTV transactions paid through the nostro accounts between July - December 2016 should have been settled locally and thus preserving foreign exchange for raw materials and other foreign payments that include education.
" In fact, card transactions – which require prefunding of nostro accounts - were the second largest user (after fuel) of foreign exchange during the second half of the year.
"Use of hard earned foreign currency in this manner is not sustainable for the economy" said the central bank in a monetary policy statement posted on its official website.
The bank said "spending more foreign exchange on DSTV subscriptions than on raw materials to produce cooking oil, for example, is not only counterproductive but also illogical".
Source - Byo24News
