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Source your own forex, Bimha tells producers

02/01/2018 00:00:00
by Staff reporter

Industry Minister Mike Bimha said producers must look at ways of sourcing the much needed foreign currency rather than wait for Reserve Bank of Zimbabwe (RBZ) allocations as doing so affects their operations.

“We do have a problem of forex and the Reserve Bank of Zimbabwe is doing as much as it can to make it available to producers,” said Bimha.

“But at the end of the day it’s a lesson learnt; as we go forward we must not only rely on Reserve Bank of Zimbabwe to give us forex.”

He was addressing a media briefing on prices of essential commodities in Harare recently.

The minister said government was keen to support local producers as much as possible with regards forex and any other needs to ensure that the industry is able to produce enough to meet consumers’ demands.

“If possible we should also promote exports to bring in the much needed foreign currency,” Bimha told journalists.   

“We must not solely rely on RBZ, we must generate forex, we must export, we must invest in agriculture; we must produce on a larger scale. Therefore if we do the right thing in terms of production we should be able on one hand to reduce our production costs,” the minister said.

He added, “And at the same time we must stop relying on imports, but where there are guanine fundamentals to increase prices business is supposed to do that.”

The minister also said he had already engaged the RBZ governor John Mangudya on how best critical sectors can be assisted with forex each time the need arose.

“I have spoken to the RBZ governor and he has explained to me some of the facilities that they are trying to put in place to make sure that the much needed forex is made available to the producers,” he said.



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