RBZ chides wastefull Zimbabweans as $206m is spent on DStv subscriptions

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".