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Article: ZIMBABWE-ECONOMY: RAND'S DEVALUATION HITS TEXTILE SECTOR HARD
- Article from:
- Inter Press Service English News Wire
- Article date:
- October 8, 1996
- Author:
CopyrightProvided by ProQuest LLC. (Hide copyright information)
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Lewis Machipisa
Inter Press Service English News Wire
10-08-1996
HARARE, Oct. 8 (IPS) -- Zimbabwe's textile manufacturers,
already hurt by punitive tariffs imposed by Pretoria, now face an
additional headache -- the devaluation of the South African rand.
When a bilateral preferential trade agreement concluded in 1964
expired in 1992, the South African government imposed tariffs of
up to 90 percent on Zimbabwean yarn.
The result was devastating. Between 1992 and mid-1996, more than
10,000 jobs were lost in Zimbabwe's textiles and clothing sector,
while at least 31 firms closed down.
About two months ago, Zimbabwean Trade Minister Nathan
Shamuyarira successfully negotiated an easing of the ...