Posted by The Reserve Bank of Zimbabwe has introduced Foreign Exchange Licensed Warehouses and Shops (Foliwars), it said today. The Foliwars were being introduced for an initial period of 18 months to March 31, 2010.
Up to 1 000 retailers would now be able to take payment in foreign currency. Payments for fuel would also be permitted in foreign exchange, the Zimbabwe central bank said.
The bank’s governor Gideon Gono said that the reforms were a pragmatic response to the realities faced as a result of the economy. He said that the bold measures taken by the central bank would, if embraced in full and with positivity, enhance preparations for the 2010 World Cup in South Africa.
In order to be considered for licensing as a registered foreign currency denominated shop, applicants had to submit an application to the Reserve Bank, supported by a statement indicating the nature of trade, Information Technology systems used, capacity to handle foreign exchange — including the availability of counterfeit detectors — and estimates of sales volumes. –Sapa
Where will the majority of Zimbas get forex from. This is another ploy by Gono to create another conduit for forex to line his and Zanupf thug pockets. In any case such shops would need to be guarded by soldiers 24/7.
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I think this Governor lacks confidence in all his pursuits. Why bring a half baked “working” solution when the nation is seeing red. Just be bold and dollarise the economy and forget about creating unnecessary jobs for witch-hunting the country’s citizens.
Gono is forgetting the supply side of things. Maybe he should have made it easy for people to open FCA’s and allow the banks to give good returns on the accounts. This might prompt pple to deposit the hardworked hard currency and avoid sleepless nights with the cash at home.
Gono work up, I know you’re better than this. What you have just announced will have to work first then atttract foreign investors later, but the time you have put is too long, 18 months!!.
Dollarise chete baba Gono, zviye muri Save kana kuti Gushungo!!
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Thats another turn from Dhokota..He is becoming used to it..bringing our country to a state were it will face troubles to come back..ndezvekudhota zvatinoitirwa nadhokota afta Baccosi someone goes and comes back with Foliwars..i’m amaized someone of such a post can come up with such nonsense and think it will work..
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This is another way for Gono and his ZANU PF friends to provide food for themselves. They are on the Sanctions List and so getting food is gonna be difficult for them. By creating these Foliwars, they can easily get food as they control the foreign currency. People should shan this move, its not for the poor Zimbabweans but its for the rich ZANU PF buddies.
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We are sick and tired of addressing symptoms rather than the actual problem. why is Dr Gono just focussing on the demand side of the economy, lets get it by horns, lets revive the supply side and moreover, finance and economic development where are your efforts.
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Though no vocabulary can give the true sensation of reality, the fact is we are suffering in Zim. Even though, I salute you my fellow zims, lets pray even for the talks and life after talks. All this will come to pass. God Bless…
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The MDC has drawn daggers against the Reserve Bank of Zimbabwe governor Gideon Gono who they want to be relieved of his job under a new power-sharing deal. Gono, whose term ends in November, leaves the central bank in a serious mess dramatised by drying foreign exchange and an unprecedented shortage of bank notes!!!!
hahahahahhhhhhhhhhaahahahahahahahahahah!!!!!!!!!
MDC created this messy its a shame that Zimbabwean puppets don’t think! What do you think Gono was to perform nematakanana iyaya! Get lost maMDC!!!!!
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Yes, use a civilised WESTERN currency you bunch of monkeys
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