Thursday, 22 September 2016

IMPORT BAN BOOSTS LOCAL FIRMS

The Confederation of Zimbabwe Industries (CZI) says local manufacturing companies have recorded a 30 percent increase of orders since the introduction of Statutory Instrument 64 of 2016.

Addressing delegates at the CZI Midlands Chapter Breakfast Meeting in Gweru, CZI president Busisa Moyo said since the introduction of SI 64, companies have registered an increase in orders of between 30-50 percent for products restricted under the statutory instrument.

He said the protectionist policy has brought a positive development to the revival of the economy major among them the decrease of imports by 14 percent as well as creation of employment due to increased orders.


He said currently they were doing an impact of the statutory instrument but indications have shown great improvement and they are now optimistic that they can record an increase in capacity utilisation from 34 percent recorded last year to 65 percent.


The CZI president also endorsed the introduction of the bond notes as a welcome development to business, especially after government has assured the nation that they will be a board in place to run the bond notes.


Moyo said the introduction of bond notes will bring relief to the general public as functional notes that will ease the prevailing cash crisis.


"The bond notes will fall into the change category. They will be functional notes and are a welcome development to business. Perception is negative because the people are fearful of going back to the local currency,” said Moyo.


Reverse Bank of Zimbabwe Governor Dr John Mangudya revealed during the recently announced monetary policy that the bond notes will be introduced in October starting with smaller denominations.

0 comments:

Post a Comment