'It Won't Work', Vendors Speak On Tough Forex Control Measures

Zimbabwe Cross Border Traders Association president Killer Zivhu said that the government should have implemented the policy requiring every importer to declare their source of foreign currency when it reintroduced the Zimbabwe Dollar in February.

Zivhu made the remarks following Deputy Finance Minister Clemence Chiduwa’s declaration on Friday that the government is now crafting the policy. Said Zivhu:

At that time [in February] it would have worked because there was some confidence in the banking sector which has somewhat waned at the moment.

So, what the Government should do is to direct the RBZ to restore confidence in the banking sector first.

On Friday Chiduwa, who was in the company of Minister Mthuli Ncube and permanent secretary George Guvamatanga, told reporters that importers will soon be required to declare the legal source of their foreign currency under legislation being drafted.

He said this is meant to push foreign currency trading into the legal interbank market and away from the black market.

More: The Herald