Zimbabwe: Foreign shop owners causing cash shortages

2014-01-03 15:52

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Harare – Zimbabwe’s black empowerment agency says at least 90% of foreign shop owners don’t have bank accounts and are hiding away money or smuggling it out of the country, worsening cash shortages in the troubled economy.

The agency’s chief, Wilson Gwatiringa, said many of the foreign retailers lack proper identification documents required to open a bank account, leading to hundreds of millions of dollars staying out of the formal economy, state media reported today.

He said that “raises eyebrows” after government recently allowed foreign shop owners – mostly Chinese and Nigerian nationals – to continue in retail trade, a sector reserved for local blacks.

An independent financial research group last year reported that 85 of small businesses in the “informal economy”, with a turnover of at least $7 billion (R74 billion), weren’t paying taxes.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Comments have been closed for this article.

Inside News24

 
Traffic Alerts
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.