Business

Pay Off Debt: RBZ Urged

RBZ
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By Primrose Tagutanadzo

The Confederation of Zimbabwe Industries (CZI) has urged the Reserve Bank of Zimbabwe (RBZ) to pay debts in-order to avoid the price increase of goods and services.

 

This is as a result that RBZ owes companies US$200 billion which it took on the auction market where they buy US$1 for ZWL 85 a very cheap price as compared to ZWL150 per US$ in the black market.

In a statement, CZI chief executive officer Farai Machaza said the companies use the RBZ exchange rate which was cheap but it takes them more than nine weeks to be given the money.

 

“Business companies end up buying money from the black market at high prices in-order to buy raw materials,” he said.

Robert Tapfumaneyi

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