‘RBZ has failed in forex allocation’

ZIMBABWE Textile Manufacturers’ Association (Zitma) says local banks should handle the foreign currency allocation system as the central bank has failed to allocate forex to the industry and was now facing collapse.

Zitma vice president Freedom Dube told NewsDay recently that the Reserve Bank of Zimbabwe’s failure to allocate them forex has left the textile industry teetering on the brink of collapse.

“The sector is heavily weighed down by shortage of foreign currency as we are not on the Reserve Bank of Zimbabwe’s priority list.

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