Outspoken Norton Legislator Temba Mliswa said government’s move to freeze bank accounts of companies linked to Kuda Tagwirei will not contain the rising exchange rates on the black market because the country has no exports to bring the much needed forex in the country.
Speaking at the Hub Unconference held in the capital today, Mliswa said companies that are pouring Rtgs dollars in the black market to mop up the U.S dollar are doing so to in search of money to import raw materials and boost production because the country is not exporting anything which bring foreign currency.
“Our industry is down and we are not producing anything that we can export to bring in foreign currency. As a result, we are import raw materials, maize, wheat and food. That money is only found on the black market because the government has no foreign currency. So have to take money from the black market” said Mliswa.
Mliswa said the interbank that the government is encouraging companies to make use of has no foreign currency so companies are resorting to get the money from the black market in order for them to import inputs and produce.