Cross Border Traders Say The Economy Has Self-dollarised

4 months ago
Sat, 20 May 2023 14:58:45 GMT
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Cross Border Traders Say The Economy Has Self-dollarised

Zimbabwe Cross Border Traders Association (ZCBTA) president, Killer Zivhu, has said the Government should admit that the economy has self-dollarised as most service providers are now rejecting the Zimbabwe dollar.

Speaking to NewsDay on Friday, Zivhu claimed that even formal retail outlets such as supermarkets are now rejecting the local currency on the pretext that their swipe machines are now working. He said:

If you go to the major supermarkets, they will tell you that their swipe machines are not working. Dollarisation has already taken place informally but formally people are just pretending that the big supermarkets are running away from the local currency.

Commenting on the recent move by the Government to lift an import ban on basic grocery items, Zivhu said they have engaged various financial institutions for loans to enable cross-border traders to import stock for their businesses. He said:

In the next three months, we will make sure that everything (pricing) has normalised.

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We have requested more than US$100 million from financial instructions and they are willing to help us and our 3 million members across the country to import the basic goods.

We have put in place measures where there will be open markets which will be done in all our districts in the country so that those who are in rural areas can have access to order affordable products in their respective areas.

Last week the Government removed duty on 11 selected imported basic grocery items and allowed shops and other Zimbabwean businesses to keep 100 percent of the foreign currency they get from sales.

The products that will be imported duty-free include maize meal, rice, milk, flour, sugar, salt, cooking oil, petroleum jelly, toothpaste, bath soap and washing powder.

More: Pindula News



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