OK Zimbabwe hails RBZ for scrapping 10% limit

Spread This News

By Alois Vinga

LEADING retailer, OK Zimbabwe Limited has commended the central bank for scrapping the 10% limit on the exchange rates saying such a move will go a long way to spur the group’s recovery.

Presenting a trading update during the OK Zimbabwe 22nd Annual General Meeting Friday, the top retailer commended authorities for the policy position.

“The Group further welcomes the Reserve Bank of Zimbabwe Monetary Policy Committee’s recommendations on removing the 10% limit on the exchange rate used by formal retailers and the removal of IMTT on bank card transactions.

“We await the promulgation of the necessary legal instruments to effect these positive changes; macroeconomic stability will be critical in helping the Group recover lost volume base,” the retailer said.

The retail giant also commended the government for taking a bold stance in extending the US$ usage up to 2030.

The policy directive allowing the usage of the greenback was due to expire in 2025, prompting many banks and financiers to withhold the extension of US$ loans amid speculation that the government intended to re-introduce a ZWL mono-currency system.

But President Emmerson Mnangagwa last week moved to announce the extension of the US$ usage to 2030 in a development which restored confidence in the economy.

“The group welcomes the move by the President of the Republic to extend the multicurrency system to 2030. The certainty of the currency system will aid in renewing market confidence and assist in business planning processes,” the retail giant added.