National Railways of Zimbabwe Now Charging In Forex
THE Reserve Bank of Zimbabwe has granted the National Railways of Zimbabwe permission to charge in foreign currency for goods exported under the Cost, Insurance and Freight (CIF) conditions.
NRZ board chairman Advocate Martin Dinha said the approval by the Central Bank for the rail entity to charge in foreign currency for goods exported under CIF conditions would go a long way in enabling the parastatal to repair its equipment and infrastructure.
“The authority to charge exporting customers in foreign currency is a welcome and progressive development for the organisation. With this approval, NRZ can now approach its various exporting customers to inform and familiarise them with this new development. While NRZ has traditionally been collecting foreign currency from customers who are into export business, the foreign currency generated from this source has not been enough to requirements, though it assisted the organisation in repairing its rolling stock and infrastructure,” he said.
Adv Dinha said charging in foreign currency would also enable NRZ to improve its coffers to capacitate its business as well as procure essential spare parts.
“The intervention by the Central Bank is critical for NRZ considering that foreign currency has been essential in funding the organisation in hiring wagons and locomotives from the region to address resource and capacity gaps, hire inter-change, as well as procuring spares and accessories for wagons, locomotives and infrastructure maintenance. And at this juncture, the need for foreign currency for the organisation has become huge and urgent especially to hire locomotives and wagons for the movement of imported grains, to alleviate drought-induced shortfalls, among communities in Zimbabwe,” he said.
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