foreign currency shortages

The Zimbabwe National Roads Administration (ZINARA) is struggling to repay the loan acquired from the Development Bank of South Africa (DBSA) to upgrade the Plumtree-Bulawayo -Mutare Highway due to prevailing foreign currency shortages.
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Zimbabwe will force importers to declare sources of foreign currency and those who fail to prove they obtained the money from banks will forfeit their goods to the state, a government official said on Friday.
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Zimbabwe's government is set to increase the price of passports in an endeavour to raise enough foreign currency to produce the documents as it tries to clear a backlog of over 300 000 applications by next March.
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Zimbabwe plans to cut value added tax (VAT) from January to stimulate consumer demand in an economy set to a contract this year after a drought and power shortages, Finance Minister Mthuli Ncube said on Thursday.
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The office of the Registrar-General has passport backlog of 340 000, but is only printing 750 documents per day due to shortages of foreign currency to buy requisite printing materials.
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The Registrar-General’s Department has increased its production capacity for passports from 60 to 800 a day and is targeting to print 8 000 in the same period in the next few weeks following the delivery of new equipment and consumables.
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Listed beverages company, Delta Corporation, has outlined reasons behind the recently effected price increase on assorted soft drinks and beer.
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Delta Corporation’s Fairbridge Chibuku Super plant in Bulawayo is operating at about 50 percent capacity utilisation from 92 percent in November last year largely due to foreign currency shortage.
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Clothing manufacturers in Zimbabwe have not been spared by the foreign currency (forex) shortages that are causing mayhem across all sectors of the country’s economy.
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Forex dealers popularly known as ‘‘money-changers’’ are back on the streets operating underground as they still claim that there is high demand for foreign currency now because government is charging duty in foreign currency.
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