The Reserve Bank of Zimbabwe licensed 600 shops to sell goods in foreign currency as it battles a flourishing black market trade and scarce supplies of basic commodities. The central bank has tried so many policies over the past few years which have failed to ease the economic crisis in the country.
So, is licensing shops to sell goods in foreign currency, the best way to solve the shortages of basic commodities in Zimbabwe?
Analysts believe allowing shops to sell goods in foreign currency will do little to solve the problems affecting millions of Zimbabweans unless there is a major shift in the political and economic reforms in Zimbabwe.
Even though a power-sharing agreement was signed in Harare, the rival parties have so far failed to agree on the sharing of cabinet posts. Which may mean there is no sharing of ‘real’ power yet in Zimbabwe.
Mr Gono announced in Harare that a total of 600 licenses have been successfully vetted. He also said the Zimbabwean dollar remains the country’s legal tender, and other basic commodities like maize meal, sugar, cooking oil and school uniforms will continue to be sold in local currency unless there is proof that they have been imported.
The central bank has also removed the foreign currency restrictions for individuals, previously they were allowed a maximum of US$1000 from their accounts when they produce proof of travel.
What do you think about shops selling goods in foreign currency? Is this going to solve the food shortages in the country and benefit the ordinary person on the street? Or is it another plan to generate foreign currency for the corrupt government officials.
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