Chronicle Editor
Oliver Kazunga, Senior Business Reporter
THE Confederation of Zimbabwe Industries (CZI) says exporters are ready to remit export proceeds within the prescribed 90-day period as the interbank rate has moved up based on the willing buyer-willing seller principle.
When he appeared before the Parliamentary Portfolio Committee on Budget and Finance last week, Secretary for Finance and Economic Development Mr George Guvamatanga blamed the foreign currency shortages on some exporters who were failing to remit some export proceeds within the prescribed period.
He said Government believes the country was earning enough foreign currency to meet the economy’s forex requirements.
In response to this, outgoing CZI president Mr Sifelani Jabangwe said exporters were ready to comply with the Government directive.
“Exporters are ready to remit their export proceeds within the 90-day period following the introduction of the willing buyer-willing seller principle by the Reserve Bank of Zimbabwe and this has allowed the interbank rate to move up,” he told Business Chronicle in an interview.
“Previously, exporters were losing value whenever liquidation happens so that is why some were delaying remittance of export proceeds to the Reserve Bank.”
The interbank market, which was introduced in February this year, got off to a slow start as buyers overwhelmed exporters while very little foreign currency trade took place amid indications that exporters were not happy with the start rate of $2,5 to US$1.
The rate has since crept up to $4,9 to the greenback on the interbank foreign exchange market.@okazunga
Online Reporter