Local companies are set to benefit immensely from the recent move by the Reserve Bank of Zimbabwe (RBZ) to scrap the mandatory liquidation of foreign currency in exporters’ accounts that would not have been used after 60 days.
Mr Kurai Matsheza, the managing director of one of the many local companies that earn the country foreign currency through exports, told ZBC News this Monday on how the entire local industry is set to benefit from RBZ move.
“For us as exporters we are humbled by the latest decision by the RBZ as it enables us to undertake capital projects that will expand operations as two months were too short a period for us to have done anything meaningful hence we welcome the decision with both hands,” he said.
The general sentiment in the industry is that the development will enable companies meet their long-term capital budget expenditures and help them in their re-tooling exercises, which are all in line with the national re-industrialisation agenda.
For an economic analyst, Mr Persistence Gwanyanya, the central bank’s efforts will boast exporters’ capacity for the benefit of the broader national economy.
“Improving the welfare and confidence of exporters is commendable as it incentives them to continue generating more forex into the economy for various benefits among them to maintain the exchange rate,” Gwanyanya said.
The economy is already on a recovery path and the RBZ continues to incentivise local investments in line with the National Development Strategy One.