Banks plunge deeper into forex crisis

venezuela.jpg

A vendor counts money at a vegetable street market in Caracas, Venezuela, on Wednesday, Aug. 17, 2016. Venezuela's imports from its six biggest trading partners including Brazil, the U.S., China, Argentina, Mexico and Colombia fell to $840.5 million in June, the lowest level in at least a decade. Food riots broke out in June as shortages of everything from toilet paper to rice mounted. Photographer: Wilfredo Riera/Bloomberg

Melody Chikono/Bridget Mananavire

ZIMBABWE could soon experience a shortage of imported commodities after it emerged this week that several local banks failed to honour letters of credit (LCs) to foreign banks in trade finance deals, amid heightened fears the troubled country could see many products disappearing from shop shelves.

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One thought on “Banks plunge deeper into forex crisis”

  1. Ali-baba Alfred Mutisi says:

    One wonders where we are really going?

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