HomeBusiness

Cash shortages caused by 1965 program started by colonial regime says Reserve Bank

7 years agoThu, 01 Jun 2017 14:06:35 GMT
Share on FacebookShare on TwitterShare on LinkedIn
Cash shortages caused by 1965 program started by colonial regime says Reserve Bank

Reserve Bank of Zimbabwe (RBZ) deputy governor Kupikile Mlambo has claimed that the current foreign currency challenges started in 1965 when the Rhodesian government of Ian Smith started an import substitution program.

Said Mlambo while addressing a Confederation of Zimbabwe Retailers Indaba,

The shortage of cash is a shortage of foreign exchange it has a historical context that begins in the 1960s. Then authorities decided to industrialize by replacing imports, while it worked it did not generate sufficient foreign currency to bring in essential raw materials

Mlambo also said that the RBZ was not going to adopt the South African Rand as the anchor currency.

Our problems are of a structural nature and whatever currency we adopt is foreign currency, the point CZI miss is that we don’t have enough foreign currency and that is our problem since the 1960s we need to export more. Secondly we are uncompetitive on the regional markets as our cost structures are high.

itel A70 256GB

$99USD

Buy on WhatsApp: +263715068543

Calls: 0772464000

More: Business Connect

Tags

0 Comments

Leave a Comment


Generate a Whatsapp Message

Buy Phones on Credit.

More Deals
Feedback