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ZNCC Frets Over The Scarcity Of USD Sellers On Interbank Market

2 months agoWed, 22 Jan 2025 11:24:47 GMT
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ZNCC Frets Over The Scarcity Of USD Sellers On Interbank Market

The Zimbabwe National Chamber of Commerce (ZNCC) has raised concerns regarding the scarcity of United States dollar sellers on the Willing Buyer Willing Seller (WBWS) platform.

This shortage, they argue, is hindering the productive sector’s ability to perform optimally.

In January 2024, the Reserve Bank of Zimbabwe (RBZ) transitioned from the Foreign Exchange Auction System to the WBWS model, envisaging it as a more accurate reflection of the market exchange rate.

However, the ZNCC’s latest State of Industry and Commerce tracker indicates that the WBWS platform is predominantly populated by foreign exchange buyers rather than sellers.

This imbalance in market participants is creating challenges for the productive sector, which relies heavily on access to foreign currency for its operations. The ZNCC report reads in part:

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After the January 2024 disbandment of the Auction System, some firms have been getting foreign currency on the interbank market on a Willing Buyer Willing Seller (WBWS) model.

The lack of willing sellers on the formal market has meant that the WBWS has not been able to meet the foreign currency demand by firms, thus curtailing the achievement of maximum productive capacity and in turn depressing general economic activities.

The ZNCC is a non-profit, membership-based organization that advocates for its members’ interests and promotes economic growth by empowering businesses.

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12 Comments

Account Holder · 2 months ago
murikureva Frets Donzvo here uyu wepa sosha midhiya
dee~tales · 2 months ago
Lets de-dollarise and get hungry
noted again · 2 months ago
you will be fretting much more by easter time !!
Ediots · 2 months ago
🤣 industry is shy to state the obvious. price control and exchange controls are u reasonable
@vhedza · 2 months ago
We can blame our leaders several times but if we do not change our mindset about investing in our own country. It's stop chasing the US $ it's foreign let's all focus on our country and work together. We seem busy with focus on who is to become the next president of this country rather than focusing on the problem facing the country. Chindini does not work. Divided We fall. Believe me we politically polarised. Let's leave politics to politicians
Elder Micho · 2 months ago
Bad money drives away Good money- Mthulis' quote. This country is now 95% informal and also we are importing more than we Export so if we de-dollarise how then are we going to get the forex.
Corruptmore Looto · 2 months ago
Who do you think would want to sell their hard earned us dollars at the RBZ's false rate of 25, Zimbabwean banks are sitting on large amounts of us reserves but they can't pour them into the market because of the command exchange rate. This economy is wonkers only because of terrible policies by the 2030 cabal.
Patz · 2 months ago
Moda kuti munhu aite willing seller iye asina ma US acho here. Everyone needs US dollar and noone can be a willing buyer of Zig. Businesses are being forced to accept Zig so its obvious after accumulating the Zig they jostle for US
🌄🧱🍓🍌💞🍒🏆🍑🌽🍕👙🐝scudo · 2 months ago
productivity is done by availability of electricity,water etc to meet demand of production even in agriculture besides industry and being paid well so that no sabotage can be done and people can have money to by Zimbabwean products than south African products which are cheaper and rands can be exchanged by USD not zig.so you the one causing those problems mentioned above in article.
Man to man · 2 months ago
kutofunga kti makutaura frets donzvo kusadzidza zvakunoita nhai
prof · 2 months ago
😆😆😆man 2 man

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