RBZ dollarises Zimbabwe
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
Posted by Wellington Chadehumbe
on September 10, 2008. Filed under Financial News.
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