Cross Boarders Blast Lifting Of Ban On Imports, Says It Will Increase Forex Rates

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Cross Boarders Blast Lifting Of Ban On Imports, Says It Will Increase Forex Rates

Zimbabwe Cross-border Traders Association (ZCBTA) chairperson Killer Zivhu has described the recent government move to lift an earlier ban on importation of basic commodities as catastrophic arguing that it will lead to an increase in parallel foreign currency rates.

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Zivhu said while the new measure will result in the flooding of goods while at the same time fuelling the rise in parallel foreign currency rates and prices since everyone will be able to import goods on their own.

He said in the long term the measure will have more catastrophic disadvantages than advantages to the economy.

Said Zivhu in an interview with an online publication:

“As cross border traders, we feel that there are more measures that should be taken in order to avoid the flooding of goods because now if it is a 50/50 situation, there is going to be an increase and the demand of Forex is going to be high hence.

The rates are going to increase anytime from now since everyone wants to go out to buy things on their own and the prices are going to increase because no-one will want to trade in bond notes after getting money on the streets.

So whoever is going to do business will be demanding forex and that is going to affect the majority who are getting their salaries in bond notes or transfers.”

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