RBZ sets forex priority list

807

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.

Zim draws down $1,1bn from Afreximbank facilities

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% of the foreign currency will be utilised for productive sectors’ imports and requirements, while 30% 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, “Companies need to boost production because the floating of the US dollar alone will not enhance productivity.”

More to follow…

You may like…

5 THINGS YOU DID NOT KNOW ABOUT ‘DEATH DEFEATING’ SA PROPHET ALPH LUKAU WHO RESURRECTED ‘DEAD’ ZIMBABWEAN MAN

Self-proclaimed South African prophet, Pastor Alph Lukau is currently trending across the world after he claimed to have raised a Zimbabwean man back from the dead this past weekend.

5 Things You Did Not Know About ‘Death Defeating’ SA Prophet Alph Lukau Who Resurrected ‘Dead’ Zimbabwean Man

Here are some things that you probably do not know about the man of the moment

In October last year, Lukau caused a stir after a video in which he claimed that Vice President Constantino Chiwenga was going to…more here