CZI to probe forex allocation to firms

Published: 14 September 2017

THERE is a need to investigate the reasons behind some industry players failing to access the foreign currency allocated to them by the Reserve Bank of Zimbabwe.

The Confederation of Zimbabwe Industries (CZI) president Mr Sifelani Jabangwe said this during their roundtable meeting in Bulawayo yesterday.

"We will investigate to find out what is happening, whether the allocations have actually been done because there has been some activity taking place with regards to allocations.

"BOC Gases for example, said it did not receive its money yet RBZ has a list of allocations which shows that companies are being given money on a weekly basis but some that are on the list are saying they haven't received anything.

"RBZ is prioritising manufacturers and strangely some of the manufacturers' money finds its way to retailers. This can be blamed on banks because the allocation is done through the banks and an investigation will be undertaken to establish what is really happening," said Mr Jabangwe.

He called upon the RBZ to fast track the availability of the $600million nostro stabilisation facility.

RBZ Governor Dr John Mangudya is on record saying companies will this week start drawing down the nostro stabilisation facility.

"The money has not yet been disbursed and we are pushing that the money be availed as soon as possible because there is a lot of activity on the black market and this can be curbed through availing the required funds," said Mr Jabangwe.

He said CZI wanted to commend Government for its commitment to improving the country's economic environment in order to attract investors.

"The congress which we had in Victoria Falls was the first of its kind as it was a CZI congress and an investment conference at the same time.
"We had 20 foreign delegates who were also potential investors with 10 of them from India and 10 from Turkey," he said.

Mr Jabangwe said CZI wanted the potential investors to see that Zimbabwe was actually different from what they may have heard through some international media peddling falsehoods in order to tarnish the country's image.

"We hope they will be back to invest after establishing the truth regarding the situation in the country," he said.
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