Cross borders request FCAs clarification
4 October 2018
Cross border traders are seeking clarification from the Reserve Bank of Zimbabwe and government on the issue of local currency and foreign currency (FCAs) announced in the 2018 monetary policy.
Cross border traders yesterday said their members feared loss of money through parallel market with the introduction of FCAs and local currency accounts.
Zimbabwe Cross-Border Traders Association (ZCBTA), president Killer Zivhu yesterday delivered the message to members of the media and promised to support the government and RBZ.
“ZCBTA have many questions they are asking to the government.
“Everybody knew that US dollar and bond notes are at par but now the new monetary policy is saying there is need for separate accounts.
“The traders are also saying they have no confidence in the banks fearing for the repeat of 2007-08 scenario.
“They are also asking that if they bank their forex is it not going to be affected by inflation.
“The traders are also saying if they open the accounts are they not going to be limited when they go out of the country or even here,” he said.
“They are also asking whether they are going to sell their goods in forex since the law says people should accept swipe and Ecocash among other means of payment.
“Another question is that, is it not going to trigger hiking of prices and also are we going to have a price control system.”
Zivhu also said traders are saying forex is expensive to get but they are ready to assist the government
“It is our desire to meet finance minister and RBZ Governor.
“Traders are also saying black market will be better if done on open space than closed doors where RBZ can have total control.
“We are ready to assist the government and I hope they will give us an answer,” he said.
Zivhu also encouraged the government to revisit duty charges to avoid smuggling of goods.
“People are losing lives while trying to smuggle goods because they will be running away from ZMRA charges which are relatively high.
“As a result their lives will be in danger,” he said.