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Lifting Import Restrictions Does Not Address Forex Challenges Faced By Local Industries - CZI

5 years agoSun, 28 Oct 2018 10:55:57 GMT
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Lifting Import Restrictions Does Not Address Forex Challenges Faced By Local Industries - CZI

The Confederation of Zimbabwe Industries (CZI) has said that the government’s decision to indefinitely remove all import restrictions is not well thought out because it does not address the challenges faced by local industries. CZI president Sifelani Jabangwe said the issue of inadequate foreign currency will still need to be addressed and will actually become worse. Said Jabangwe

Foreign currency required by local companies to produce the same volumes is less than that which is required to bring in finished goods. So, if both require forex, how do you solve the problem by bringing in something that requires more forex? What you have is greater demand for forex and that will push the rate even higher, the prices even higher.

Oil Expressers’ Association of Zimbabwe (OEAZ) president Busisa Moyo added

Government will be throwing its own success under the bus for a problem that they know is not SI 122 of 2017 not being successful, but the shortage of foreign currency.  The impact is going to be felt by workers in the industry…that is the biggest and most negative impact.

More: The Standard

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