- June 27, 2019
- Posted in LOCAL
Speaking to Mining Zimbabwe after the Economist Round Table of Zimbabwe meeting with journalists Mucha Mkanganwi said that although the government is going to divorce from all transactions of foreign currency in every trade be it ZIMRA and other government arms, it will be difficult for it to buy gold in local currency as this will catalyst in low delivery of gold to fidelity.
By Rudairo Mapuranga
Mr Mkanganwi said that the huge differences between the interbank foreign currency exchange rate and that of the black market are the major reason which causes gold leakages.
“If we start pushing out the buying of gold in local currency today, deliveries will stop. The interbank foreign currency exchange rate should not be too different from that on the black market for the country to be able to buy gold and other minerals in local currency” said Mkanganwi.
The Economist Round Table of Zimbabwe members said that exporters hold near USD900 million which will be automatically be liquidated after 30 days in order to promote the use of local currency.
The members also said that Zimbabweans should stop thinking in USD in order for the local currency to gain momentum, therefore, leading to a stable economy.