Mr Victor Nyoni

Mr Victor Nyoni

Kiyapili Sibanda, Business Reporter
THE business community in Bulawayo has called on the Reserve Bank of Zimbabwe (RBZ) and other banks to decentralise decision-making in order to cut on the waiting time.

Speaking during the 2018 National Budget review dialogue organised by The Chronicle in Bulawayo last week, captains of commerce and industry said accessing funding from Bulawayo banks was difficult as the branches were not empowered to make decisions.

They also said the local RBZ office was not helpful as businesses were constantly referred to head office in Harare whenever key funding decisions are to be made.

Association for Business in Zimbabwe (Abuz) chief executive officer, Mr Victor Nyoni, said the RBZ Bulawayo office should be empowered to assist local businesses and facilitate the revival of industries.

He said revival of Bulawayo industries would not be complete without participation of local banks, which should make decisions instead of referring everything to Harare.

“RBZ must decentralise its services. It is well known in the financial circles that RBZ in Harare meets with the treasury officers from various banks every Tuesday to decide and prioritise foreign currency allocations to companies.

“The suggestion being made is that in trying to resuscitate companies in Bulawayo, foreign currency must be allocated to the RBZ branch in Bulawayo, which in turn, working with the local banks, will allocate to firms in the city,” said Mr Nyoni.

He said capacitation of the local RBZ office would ensure local banking units were also equipped with meaningful and useful treasury departments that would feed into quick investment decision making.

Finance and Economic Development Minister Patrick Chinamasa in his budget statement said there was a need for an aggressive economic transformation through industrialisation.

Mr Nyoni said the budget policy implementation must lead to the creation of an umbrella business association not just for the city but for the whole country.

“Strong, apolitical and independent business association that honestly represents businesses and contributes to economic policy formulation is an important part of the success matrix of our businesses.

“Therefore all business associations must find a way of working together in order to help the new Government better connect with the aspirations of the people, he said.

@Kiyaz_Cool

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