Banks Ready To Disburse Forex To Exporters - Report

Banks have urged exporters to lead by example and trade their forex on the interbank platform the Chronicle reports.

This was said by Nedbank‘s Rita Stevavo who said banks were ready to disburse cash to exporters:

As exporters you can still get your US dollars through your nostro accounts but the problem is that you rely on unofficial information. Foreign currency is there but you are scared by informal market distortions. For you exporters, your nostro accounts are still operating as it were during the US dollar era.

When you buy forex from the black market, that is what is killing our industry. Banking is built on a relationship of trust and as businesses we expect you to be responsible. We are calling on you as business directors to be exemplary and don’t teach your employees to cut corners. Buying forex at a US$ rate of 21 or more on the black market is bad and yet at interbank rate it’s 16.

More: The Chronicle