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The Finance and Economic Development Minister of Zimbabwe, Professor Mthuli Ncube, has announced additional measures to stabilize the country&#8217;s economy and the depreciating Zimbabwe dollar.
In a statement seen by Pindula News, Ncube said the additional measures include increasing the retention of domestic foreign currency sales to 100%, lifting all restrictions on the importation of basic goods, promoting the use of domestic currency, and introducing a system to manage the traceability of gold.
Ncube added that the government will also assume all <a class=" MarkdownLink_linkifiedLink__KxC9G">foreign currency debts</a> from the <a class=" MarkdownLink_linkifiedLink__KxC9G">Reserve Bank of Zimbabwe</a>, create a debt redemption fund, and tighten <a class=" MarkdownLink_linkifiedLink__KxC9G">monetary policy</a> to reduce bank lending and money creation.
Additionally, the government will continue to review civil servant salaries and allowances in line with these developments and policy measures. He added that the government remains committed to maintaining macroeconomic stability, preserving the <a class=" MarkdownLink_linkifiedLink__KxC9G">purchasing power</a> of the <a class=" MarkdownLink_linkifiedLink__KxC9G">Zimbabwe dollar</a>, and restoring trust and confidence in the economy. We present the statement below:
<blockquote>
<h2>STATEMENT ON POLICY MEASURES TO STABILISE THE ECONOMY</h2>
Introduction
1. Under the National Development Strategy 1, Government has made considerable progress in fostering domestic macroeconomic stability by implementing a broad range of fiscal and monetary stabilisation measures.
2. In order to continue on the macroeconomic stabilisation front, Government on the 21 of May 2023, introduced the following additional measures to curb the further depreciation of the local currency and increases in prices marked in domestic currency: 
• Increasing the retention on domestic foreign currency sales to 100%- This has resulted in domestic businesses accessing more foreign currency from the market and this potentially translating into additional US dollar deposits in the banking system; 
• Adoption of all external loans by Treasury- This process is well under way and will result in all external liabilities being funded transparently through the National Budget; 
• Increasing Consumers&#8217; Access to Basic Commodities- Lifting all restrictions on importation of basic goods which has promoted competition thereby resulting in a reduction in prices; and 
• Promotion of use of domestic currency by Government Agencies which is expected to further increase the demand for the local currency.
Following on the decision for adoption by Treasury, conferring full responsibility on it, of repaying all foreign currency denominated loans contracted through the Reserve Bank of Zimbabwe, Government announces supportive measures as follows:
Government will implement the following measures as from 01 June 2023: 
• Treasury will now fund the Zimbabwe Dollar component of the 25% foreign currency surrendered by exporters, in order to eliminate the creation of additional money supply. The foreign currency collected from the 25% that is surrendered, will now be collected by Treasury and utilised in servicing the foreign currency loans assumed from the Reserve Bank of Zimbabwe. Banks will no longer withhold any foreign currency surrendered by exporters, and all the liabilities to the banks will be settled through Treasury. 
• Introduce a 1% tax on all foreign payments. 
• Maintain the USD Cash withdrawal tax at 2%. 
• Through Fidelity Gold Refinery, introduce a system to manage traceability of gold from its origin, both commercial and small scale, in line with international standards. 
• All excise duty on fuel will now be paid for in foreign currency.
3. In order to encourage banking of foreign currency, which is mainly in the informal sector, while promoting use of the local currency Government will: 
• Reduce the local interbank foreign transactions IMT tax to 1% ; 
• Reduce the POS IMT tax in foreign currency to 1%; 
• Promotion of use of the domestic currency: 
i. All Government Agencies including Parastatals will substantially now collect their fees in local currency; 
ii. Payments to ZESA by non-exporters will be made in the local currency; and 
ii. All Customs Duty to be payable in local currency, with the exception of designated or luxury goods. and where the importer opts to pay in foreign currency.
4. Treasury will assume all foreign currency debts from the Reserve Bank of Zimbabwe on 01 June 2023.
5. Government shall create a debt redemption fund to service other external liabilities in line with the arrears clearance program. These will be funded through new levies and other resource mobilisation initiatives.
Other Supportive Policy Measures for Immediate Implementation 
6. The above will be supported by the following policy measures: 
• All export proceeds that remain unutilised after 90 days will be liquidated onto the interbank market. 
• The weekly auction will be limited to a maximum of US$5 million. • As from 1 June 2023, winning bids at the auction will be paid within 24 hours of award. 
• All public foreign currency debts will be contracted by Government and will be the responsibility of Treasury. 
• There will be tightening of monetary policy in order to reduce lending and hence money creation by banks. 
• All manufacturers selling general goods, such as cement, milk, soft drinks, etc for the export market, will now be required to charge VAT, which is refundable by ZIMRA after exporting.
7. Government will continue to sterilise excess liquidity already injected into the economy through issuance of Treasury bills, whilst the Reserve Bank will also continue to sterilise through appropriate monetary policy tools. 
8. With regards to externalisation of funds and transfer pricing, Government will strengthen surveillance and monitoring, complemented by a robust foreign currency payment system and information sharing system between financial institutions and ZIMRA.
9. Government will continue to review Civil Servants salaries and allowances in line with the above developments and policy measures, including increasing the threshold of the local currency IMT tax.
Conclusion
The assumption of the external obligations by Treasury and implementation of non-inflationary financing of the liabilities, coupled by sourcing of additional resources. will go a long way in reducing money supply growth and its impact on exchange rate depreciation and price increases.
Government remains firmly committed to the maintenance of macro-economic stability, the preservation of the purchasing power of the Zimbabwe dollar and the restoration of trust and confidence in the economy.
</blockquote>
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Pindula News

Zimbabwe Announces Additional Measures To Stabilize Economy And Currency

The <a class=" MarkdownLink_linkifiedLink__KxC9G">Reserve Bank</a> of Zimbabwe has released the results of the RBZ Gold-backed Digital Tokens auction (Issue no. 3/2023, ) which took place on Friday 26 May 2023. <a class=" MarkdownLink_linkifiedLink__KxC9G">The Bank</a> received a total of 107 applications, with a combined value of ZW$8,500,033,262.87 and US$245, for the purchase of gold-backed digital tokens. The Bank has allotted the full amount of tokens. The details of the results are as follows:       
                                                                                       ZW$                                    US$ 
<blockquote>
<ol>
<li>Number of Bids Received                       105                                            2 </li>
<li>Value of Bids Received                           8,500,033,262.87                  244.97</li>
<li>Amount Allotted                                       8,500,033,262.87                 244.97</li>
<li>Price per Milligram of Gold                  152.46                                      0.0658</li>
<li>Milligrams of Gold Purchased              55,752,547                               3,723</li>
</ol>
Total milligrams of gold purchased: 55,756,270 (55.76 kgs of gold)
</blockquote>
The <a class=" MarkdownLink_linkifiedLink__KxC9G">Reserve Bank</a> of <a class=" MarkdownLink_linkifiedLink__KxC9G">Zimbabwe</a> also announced that applications for RBZ Gold-backed Digital Tokens Issue no. 4/2023 should be submitted through banks during the current week, with settlement and issuance scheduled for Thursday, 1 June 2023. <a class=" MarkdownLink_linkifiedLink__KxC9G">The Bank</a> advised interested parties to follow the proper procedures for participating in this upcoming issue.
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

RBZ Announces Results Of Gold-backed Digital Tokens Auction

The Treasury has instructed government ministries and agencies to immediately cease charging their services exclusively in foreign currency.
In a memo to the heads of government departments and agencies, Secretary for Finance and Economic Development, Mr. <a href="https://www.pindula.co.zw/George_Guvamatanga/">George Guvamatanga</a>, stated that this practice is contrary to the government&#8217;s current policy and was contributing to the depreciation of the local currency. He said in a memo sent on Friday:
<blockquote>
Instances where Government ministries, departments and agencies show preference for the US$ when charging for services to the general public should stop forthwith as it is contrary to the current Government policy position,” 
This general rule applies to all public institutions, except where explicit authority has been granted to charge exclusively in foreign currency.
</blockquote>
The Minister of Finance and Economic Development, Prof <a href="https://www.pindula.co.zw/Mthuli_Ncube/">Mthuli Ncube</a>, has already outlined measures to arrest the further deterioration of the business environment and stabilize the exchange rate, including the reaffirmation of the use of the local currency as legal tender.
The Zimbabwe dollar has lost significant value against the US dollar in recent months, leading some businesses and government departments to only accept foreign currency for their services. Those accepting the local currency have raised their prices astronomically, making them unaffordable for many. The government blames economic saboteurs and the business community for the price hikes.
<h2><a href="https://www.pindula.co.zw/">More Pindula News </a></h2>

Treasury Forbids Govt Departments From Charging Exclusively In Foreign Currency

<a href="https://www.pindula.co.zw/NetOne/">NetOne</a>, a telecommunications operator in Zimbabwe, has warned that any dealer or agency found overpricing the company&#8217;s products will be blacklisted as a distributor of NetOne products.
The mobile network operator launched a campaign to intensify its distribution channels across the country to counter parallel market speculators, who have been selling NetOne&#8217;s SIM cards at a higher price than their official rate.
NetOne&#8217;s CEO, Engineer Raphael Mushanawani, has assured customers that they can purchase SIM cards at an affordable official price of US$1 or the Zimbabwe dollar equivalent at the interbank rate through any of its distribution channels, including Zimpost outlets, NetOne shops, and authorized dealers.
NetOne has also encouraged its customers to report any overpricing of SIM cards or related products to official channels, including social media platforms such as Facebook, Instagram, Twitter, and Tiktok.  NetOne&#8217;s mission is to bring customers together, build enduring bonds, and foster trust. Engineer Raphael Mushanawani said:
<blockquote>
Contrary to reports circulating that there is a shortage of SIM cards. NetOne SIM cards are readily available throughout its distribution channels and customers can purchase new SIM cards or replace them at any of its channels including NetOne shops, Zimpost outlets and authorised dealers.
The NetOne SIM card official price is US$1 or ZWL equivalent at the interbank rate.
All dealers or agencies that are found violating the sales standards set-out by NetOne shall be blacklisted as distributors of NetOne products.
The mission of NetOne is to leave a lasting impact, bring customers together, build enduring bonds, and foster trust.
</blockquote>
NetOne sells its SIM card for US$1 at its official stores. However, dealers have been selling the SIM card for approximately US$3, with prices sharply rising when Econet Wireless faced network challenges which saw some of its customers switch to NetOne, its biggest competitor. Dealers took advantage of the increased demand for NetOne&#8217;s SIM cards and started selling them at a much higher price than their official price. 
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

NetOne Warns Overpricing Dealers, Distributors Will Be Blacklisted

The Zimbabwean government has indicated that it planning additional measures to preserve the Zimbabwe dollar which has been rapidly devaluing against the US dollar, prompting widespread consumer outcry and sparking some service providers and business operators to demand payment in foreign currency only.
Finance and Economic Development Minister, Professor <a href="https://www.pindula.co.zw/Mthuli_Ncube/">Mthuli Ncube</a>, told the media that measures are being implemented to protect and preserve the Zimbabwean dollar, slow down the skyrocketing prices and reduce negative impacts that are eroding the currency&#8217;s value.
The erosion of the Zimbabwe dollar, allegedly by economic saboteurs, triggered the recent wave of price hikes.
Speaking to journalists after his tour of retail shops and interaction with the public in Bulawayo on Saturday, the minister said:
<blockquote>
The Zimbabwe dollar is our lawful currency, our domestic currency, it is here to stay. It is what has given all these companies the competitiveness. That is why we have 80 percent of the goods being locally produced. This was not the case when the US dollar was the only currency that was circulating.
Now we have this currency which has led to a kind of boom in the domestic economy and improved competitiveness and this is all due to the presence of the Zimbabwean dollar. We need it, we need to preserve it and protect it as Government. If we stop using the local currency, it will lead to some companies closing down. Some companies were able to reopen and invest because we introduced the Zim dollar.
Surely we will be announcing measures which I cannot mention at the moment this coming week to ensure that we strengthen the domestic currency and reduce the negative impacts that are eroding value for our currency.
</blockquote>
According to Finance and Economic Development Minister, Professor Mthuli Ncube, there have been no changes in the economic fundamentals to justify the recent doubling of prices of goods. He accused some business operators of taking advantage of consumers&#8217; misery, saying that the government&#8217;s desire is to stabilize prices.
He also revealed that six companies involved in the supply chain of basic commodities would be blacklisted for their role in fueling price hikes, along with middlemen who are part of the problem. The minister warned that any shop behaving badly would have its license withdrawn.
The government is considering raising interest rates again, although there are concerns about the potential increase in non-performing loans, which banks are likely to highlight.
Meanwhile, the Reserve Bank of Zimbabwe&#8217;s Financial Intelligence Unit has <a href="https://news.pindula.co.zw/2023/05/27/govt-punishes-four-companies-for-diverting-products-to-the-black-market/">taken action against companies that refuse to use the local currency and those trading using parallel market rates</a>, freezing the accounts of four major distributors.
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Govt Plans Additional Measures To Preserve Depreciating Zimbabwe Dollar

Only two out of seven operational deposit-taking microfinance institutions (DTMFIs) in Zimbabwe have complied with the central bank&#8217;s regulatory capital requirement of US$5 million, according to a report by the Reserve Bank of Zimbabwe.
The deadline for compliance was December 31, 2022, but the report reveals that only two DTMFIs had met the requirement. The RBZ has extended the deadline to December 31, 2023.
The report noted that non-compliant institutions were at various stages of implementing measures to raise their capital levels. The RBZ said in a micro-finance industry report for the quarter ended December 31, 2022:
<blockquote>
Core capital for deposit taking micro-finance institutions increased by 16,71% from US$9,93 billion as at 30 September 2022 to US$11,59 billion.
Two out of the seven operational deposit-taking micro-finance institutions complied with the new minimum capital requirement of ZW$ equivalent to US$5 million effective 31 December 2022.
Compliance with the minimum capital requirements by non-compliant deposit-taking micro-finance institutions was extended by a further 12 months to December 31 2023, to allow for completion of the recapitalisation processes currently underway.
The bank continues to monitor progress towards compliance with both minimum capital requirements and economic capital to facilitate underwriting of more meaningful business.
</blockquote>
In the quarter under review, total deposits for DTMFIs increased by 83.27% to $6.23 billion, with foreign currency deposits accounting for 74.47% of total subsector deposits.
The DTMFI subsector&#8217;s aggregate core capital registered a 27.77% increase to $12.70 billion, with much of the growth attributed to revaluation gains on investment property and foreign currency, organic growth, and additional capital injections by some DTMFIs.
The subsector recorded an aggregate net profit of $6.53 billion for 2022, with revaluation gains on investment properties and financial assets denominated in foreign currency being the main drivers of the profits.
More Pindula News

$5M Capital Compliance: Reserve Bank Says 2 Microfinance Institutions Complied

The Minister of Finance and Economic Development, Professor <a href="https://www.pindula.co.zw/Mthuli_Ncube/">Mthuli Ncube</a> has vowed to crack down on businesses working with illegal money changers and pinpointed middlemen between producers and retailers as culprits fuelling price increases. He said the government would blacklist and fine companies, and withdraw licences if necessary. 
During an impromptu tour of Bulawayo’s central business district, Zimbabwe&#8217;s Finance Minister, Mthuli Ncube, expressed concern over rising living costs and &#8220;unjustifiable&#8221; price hikes of basic commodities.
He accused big businesses and retailers of collaborating with <a class=" MarkdownLink_linkifiedLink__KxC9G">illegal money changers</a> and called for ethical business practices to be reinstated. Addressing a manager at a Supermarket located on Fort Street, Prof Ncube said:
<blockquote>
We want to send a message to your bosses. We are saying that they must stop these price hikes, which are totally unjustifiable. I am saying this because the next time we ask you to close and withdraw your licence, you will be out of a job and so will a lot of other people. Then the Government will be blamed for shutting down businesses when this is the only way because their behaviour is not proper.
Have you heard of the word schadenfreude? It is a German word that means taking delight from the misery of others. In English, they call it epicaricacy. That is what you’re practising. It is not good.
</blockquote>
In an interview with The Sunday Mail after the tour, the Minister stated that the government will soon clamp down on businesses that work with illegal money changers.
Ncube expressed concern over the rising cost of living and unjustifiable price increases, blaming big businesses and retailers for conniving with foreign currency traders.
The Minister warned that any shop refusing domestic currency and only accepting US dollars would have its license withdrawn.
Last week, <a href="https://www.pindula.co.zw/Jonathan_Moyo/">Jonathan Moyo</a>, Zimbabwe’s self-exiled former Information Minister, wrote an open letter to the Finance Minister <a href="https://www.pindula.co.zw/2023/05/24/jonathan-moyo-tells-mthuli-ncube-business-isnt-responsible-for-price-hikes/">disputing reports that the business community is responsible for the recent significant price hikes.</a>
Moyo argues that Zimbabwe’s economic policies have been misguided and are not addressing underlying structural issues. He suggests that the minister should take a more proactive approach to address the current economic situation and engage with the business community to find solutions.
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Mthuli Ncube Vows To Clamp Down On Businesses Aiding Illegal Money Changers

Zimbabwean President Emmerson Mnangagwa has stated that the country&#8217;s economy is set to become stable through measures that have been implemented and more that will be taken shortly.
President Mnangagwa wrote in his weekly column that Zimbabwe&#8217;s $17 billion debt and arrears must be resolved to enable the country to move forward unencumbered.
He also said that Zimbabwe has the capacity to develop on the strength of its own resources, rejecting the notion of Africa as &#8220;a new frontier&#8221; for foreign interests. Mnangagwa added that Africa must be completely insulated from undue foreign interference and that all races are equal. He stated that Africa should be free to decide its own policies and development trajectory, rejecting coercive diplomacy.
In his column in The Sunday Mail, President Mnangagwa stated that during his visit to Egypt for the Africa Development Bank meetings, African countries agreed that the continent must free itself from external debt. He said:
<blockquote>
We are determined to find resolution to this albatross which has been weighing us down. Above all, determined to pursue a development trajectory which is debt-free so we augment our sovereignty and options.
We see tangible goodwill among creditors to carry us through. Alongside a raft of initiatives we have taken, and are set to take shortly, I foresee a stable and sustainably growing economy, anchored on her resources and a stable currency of her own.
</blockquote>
President Mnangagwa&#8217;s comments are made in the context of significant price hikes that have been attributed to misguided economic policies that are failing to address underlying structural issues.
President Mnangagwa believes that Agenda 63 rests on the strength and ingenuity of the African population and focuses on a country-to-country, subregion-to-subregion African nexus. 
The President added that Africa must claim, define, and assert its own century and be completely insulated from undue foreign interference and coercion as all races are equal. In this regard, Africa should be free to decide its own policies, partnerships, values, and development trajectory.
Mnangagwa also emphasised the importance of silencing guns on the continent and urged the African Union&#8217;s Peace and Security Council to redouble its efforts for peace in Sudan.
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Mnangagwa: Zimbabwe's Economy To Stabilise And Grow Shortly

The Confederation of Zimbabwe Industries (CZI) has proposed a temporary restriction on what shoppers can buy in formal shops which are struggling to restock fast enough due to panic buying.
Formal retailers, which sell products in Zimbabwe dollars, are struggling to restock their shelves as manufacturers demand US dollar cash payments.
As a result, CZI has proposed that cooking oil purchases should be limited to two bottles per customer, and there must be a cap on the imports of basic grocery items.
Formal businesses are forced to use the official rate, which overvalues the Zimbabwe dollar, and as a result, they are losing out to informal traders, who use sell in foreign currency.
In its proposals to the Government this week, CZI said:
<blockquote>
Limit importation of basic commodities to households on for domestic use (prescribed monthly quantities)&#8230;
The informal sector sells products mainly in the US dollar, and some of the shops are totally rejecting the local currency.
They buy commodities from manufacturers at the official rate and sell very cheaply in USD.
Shrinking formal consumers are making a run-on stock (priced in Zimbabwe dollars) in formal shops, taking advantage of the exchange rate disparities and formal shops are failing to restock.
Manufacturers are demanding cash upfront which also affects restocking.
</blockquote>
The Government recently suspended duty on basic grocery items saying this was necessary to counter price increases.
However, critics argue the measure will only hurt the local industry and drain the economy of foreign currency.
CZI said, instead, the Government should produce subsidised goods through Silo Foods, the manufacturing arm of the Grain Marketing Board as well as provide food stamps to vulnerable households.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Manufacturers Propose Temporary Restriction On What Shoppers Can Buy

Zimbabwe Revenue Authority (ZIMRA) workers say they are financially incapacitated and as a result, are unable to report for duty five days a week.
The Zimbabwe Revenue Authority and Allied Workers Trade Union (ZIMRATU) has since petitioned the ZIMRA Commissioner General to craft a timetable with three days per week working slots as workers&#8217; salaries have been eroded by inflation.
The letter by ZIMRATU president Dominic Manyangadze was also copied to the board chairperson Antony Mandiwanza.
Manyangadze said ZIMRA employees can no longer afford basic human needs like shelter, transport, food and school fees for their families. The letter reads in part:
<blockquote>
Further frustrated by the inadequacy of the transport allowance due to continuous erosion of the value of the ZWL payment caused by the exchange rate premiums against the intended US$2 per trip, being paid to the worker by ZIMRA; thus the amount is less than half of the US$104 required to pay for transport in a month.
&#8230; Frustrated that the majority of ZIMRA workers are exposed to paying rent twice for themselves and their families due to the nature of their job; the current housing allowance being paid at the official bank rate is less than half of the official amount being demanded by landlords.
</blockquote>
ZIMRATU said its members can only report for duty three days a week since the employer has failed to address their concerns. Said Manyangadze:
<blockquote>
Now therefore, given the foregoing and the inadequacy of remuneration, please take notice that our members will not have the capacity to consistently report for duty and thus a request for a work arrangement which enables them to report for duty three days a week.
The workers further request that you prepare and favor them with a timetable /schedule stating the days each one is to report for duty by Friday, May 26, 2023.
</blockquote>
Over the years, ZIMRA was considered the employer of choice as it was widely believed that the authority paid hefty salaries but the rapid depreciation of the local currency has rendered Zimbabwe dollar salaries unsustainable.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

ZIMRA Workers Claim Incapacitation, Propose 3-day Working Week

Captains of the industry say authorities should overhaul the foreign currency auction system to eradicate arbitrage opportunities that some firms and individuals are using to accumulate cheap US dollars.
This comes after Finance and Economic Development Minister Mthuli Ncube said the foreign currency auction platform will be fine-tuned to close the gap between the official exchange rate and the parallel market exchange rate.
Confederation of Zimbabwe Industries (CZI) president Kurai Matsheza told <a href="https://businesstimes.co.zw/business-wants-overhaul-of-forex-auction-system/">Business Times</a> that the forex auction system should be overhauled to represent the true Dutch system, which promotes competition among bidders. Said Matsheza:
<blockquote>
There is a need to do a total fine-tuning of the forex auction system to represent the true characteristics of a Dutch auction system.
As we can see, the authorities have done some piecemeal adjustments to the platform but it is still a long way to go to become the real auction platform.
By doing these small changes, we still have a lot of arbitrage opportunities that some firms and individuals are capitalising on to make money.
An improved auction system is a better platform than an interbank where some people just sit down to decide the exchange rate.
This may be the reason why the official rate is 50% lower than the official rate.
</blockquote>
Zimbabwe now has three forex markets namely the auction, interbank and parallel market.
Economist Gift Mugano recently said the forex markets can only converge if authorities follow the real Dutch auction system. Said Mugano:
<blockquote>
They will only converge if they follow the real Dutch auction system where you take the highest bidder price as the benchmark for the auction rather than taking the average price as done by the RBZ.
They must notify people in advance because one can’t bid in the darkness and only if they follow the rules of the real Dutch auction system will they someday converge.
You will see all the exchange rates moving in different directions. The parallel market rate will be ahead followed by other exchange rates.
The major reason the interbank can’t converge also is that there are some controls that are still there.
There are some limits to how much one can trade whereas there is no limit on the parallel market rate
</blockquote>
The Zimbabwe dollar was this week trading at ZWL$1888.80:US$1 at the auction system and above ZWL$3000: US$1 on the black market.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Industry Wants Fine-tuning Of Forex Auction System

The Government has reportedly ordered representatives of business member organisations (BMOs) to desist from commenting on rising prices of basic goods and services.
In a survey carried out by <a href="https://businesstimes.co.zw/govt-gags-business/">Business Times</a>, business leaders from all BMOs said they could not comment on rising prices saying there are ongoing engagements with the Government and could only comment after the current crisis had been resolved.
The publication quoted a source as saying state security agents have warned business representatives that if the situation goes out of hand, they will be held accountable for their &#8220;reckless utterances&#8221;. Said the source:
<blockquote>
The government has taken the price madness personally as it sent state agents to business representatives to stop what it terms reckless utterances in the public as this triggered an unfavourable situation in the country which is already on edge.
The business leaders were told to speak at their peril as if the situation goes out of hand in the country there will be no one to blame but themselves.
</blockquote>
President Emmerson Mnangagwa on Sunday accused businesses of sabotaging the Government and warned that he was ready to take all necessary measures including painful ones to stabilise the exchange rate and the Zimbabwe dollar.
The Zimbabwe dollar fell by 25.5% on the official market on Tuesday, the biggest collapse in one day since the auction system was introduced three years ago.
The local currency now officially trades at 1 888 to the US dollar from 1 404 a week ago.
However, on the parallel market, the Zimbabwe dollar was trading at $3 500 to the greenback on Wednesday, according to <a href="https://www.newsday.co.zw/local-news/article/200012021/zimdollar-in-record-crashas-calls-for-us-salaries-grow-louder">NewsDay</a>.
Economists have blamed excessive money supply by the Government for recent price hikes and the rapid depreciation of the Zimbabwe dollar.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Govt Warns Business Leaders Against Making "Reckless Utterances" On Price Increases

The Reserve Bank of Zimbabwe (RBZ) published the prices of the Mosi Oa Tunya Gold Coin and the Gold-backed Digital Token as of 24 May 2023.
The values provided represent the prices in different currencies US dollars, South African Rand, Botswana pula, British pounds, Australian dollars, Euros and Zimbabwean dollars.
One Ounce was being sold as follows:
<ul>
<li>US$2,067.66</li>
<li>ZAR39,695.97</li>
<li>BWP28,324.11</li>
<li>AUD3,135.67</li>
<li>GBP1,663.31</li>
<li>UER 1,918.05</li>
<li>ZWL4,684,520.02</li>
</ul>
Half of an Ounce was sold as follows:
<ul>
<li>US$1,033.83</li>
<li>ZAR19,847.99</li>
<li>BWP14,162.05</li>
<li>AUD1,567.83</li>
<li>GBP831.65</li>
<li>EUR959.03</li>
<li>ZWL2,342,260.01</li>
</ul>
A quarter of an Ounce was sold as follows:
<ul>
<li>US$516.92</li>
<li>ZAR9,923.99</li>
<li>BWP7,081.03</li>
<li>AUD783.92</li>
<li>GBP415.83</li>
<li>EUR479.51</li>
<li>ZWL1,171,130.01</li>
</ul>
A tenth of an Ounce was sold as follows:
<ul>
<li>US$206.77</li>
<li>ZAR3,969.60</li>
<li>BWP2,832.41</li>
<li>AUD313.57</li>
<li>GBP166.33</li>
<li>EUR191.81</li>
<li>ZWL468,452.00</li>
</ul>
GOLD-BACKED DIGITAL TOKEN PRICE PER MILLIGRAM (MG)
<ul>
<li>US$0.0665</li>
<li>ZWL150.61</li>
</ul>

<ol>
<li><a href="https://www.pindula.co.zw/2023/05/08/buying-rbzs-gold-backed-digital-tokens-here-is-what-you-need-to-know/">Buying Gold-backed Digital Tokens: Here Is What You Need To Know</a> </li>
<li><a href="https://www.pindula.co.zw/2023/05/11/rbz-releases-mosi-oa-tunya-gold-backed-digital-token-and-coin-prices/">RBZ Releases Gold-backed Tokens And Mosi Oa Tunya Coin Prices – 10 May 2023</a></li>
<li><a href="https://www.pindula.co.zw/2023/05/17/rbz-releases-gold-backed-token-and-mosi-oa-tunya-coin-prices-17-may-2023/">RBZ Releases Gold-backed Token And Mosi Oa Tunya Coin Prices – 17 May 2023</a></li>
<li><a href="https://www.pindula.co.zw/2023/05/22/rbz-releases-gold-backed-token-and-mosi-oa-tunya-coin-prices-22-may-2023/">RBZ Releases Gold-backed Token And Mosi Oa Tunya Coin Prices &#8211; 22 May 2023</a></li>
<li><a href="https://www.pindula.co.zw/2023/05/23/rbz-releases-gold-backed-token-and-mosi-oa-tunya-coin-prices-23-may-2023/">RBZ Releases Gold-backed Token And Mosi Oa Tunya Coin Prices &#8211; 23 May 2023</a></li>
</ol>
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

RBZ Releases Gold-backed Token And Mosi Oa Tunya Coin Prices - 24 May 2023

The Zimbabwe National Roads Administration (ZINARA) has announced the release of the new <a class=" MarkdownLink_linkifiedLink__KxC9G">toll fees</a> effective from 25 May 2023. In a statement seen by Pindula News, ZINARA said the toll fees will be implemented in accordance with Section 4 of Statutory Instrument 32 of 2021.
In a statement seen by Pindula News, ZINARA has stated that only the <a class=" MarkdownLink_linkifiedLink__KxC9G">toll fees</a> denominated in <a class=" MarkdownLink_linkifiedLink__KxC9G">Zimbabwean dollars</a> (ZWL) have been changed, while those in <a class=" MarkdownLink_linkifiedLink__KxC9G">United States</a> dollars (USD) will remain unchanged. 
Vehicle Class                                            USD Tariff         New Tariff (ZWL) 
<blockquote>
<ol>
<li>Motorcycle                                   Exempted              Exempted</li>
<li>Light Motor Vehicles                         2                          4,400</li>
<li>Minibuses                                             3                          6,600</li>
<li>Buses                                                     4                          8,800</li>
<li>Heavy Vehicles                                    5                          11,000</li>
<li>Haulage Trucks                                  10                          22,000</li>
<li>Residential Discount Per Term      40                         88,000</li>
</ol>
</blockquote>
ZINARA had previously released an update on May 1, 2023, which announced the toll fees for vehicles. The fees were as follows:
<ol>
<li>Motorcycles are exempted,</li>
<li>Light Motor Vehicles &#8211; USD 2 or ZW$ 2,200,</li>
<li>Minibuses &#8211; USD 3 or ZW$3,300,</li>
<li>Buses &#8211; USD 4 or ZW$4,400,</li>
<li>Heavy Vehicles &#8211; USD 5 or ZW$ 5,500,</li>
<li>Haulage Trucks &#8211; USD 10 or ZW$11,000, and</li>
<li>Residential Discount per term &#8211; USD 40 or ZW$44,000.</li>
</ol>
The Zimbabwean dollar has rapidly lost value against the United States dollar (USD) since its reintroduction in 2019. The depreciation of the Zimbabwean dollar has been caused by factors such as economic mismanagement, corruption, and political instability.
The devaluation of the currency has resulted in increased prices of goods and services, reduced purchasing power, and has negatively impacted the economic growth and development of Zimbabwe.
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

ZINARA Has Released New Toll Fees Effective 25 May 2023

<a href="https://www.pindula.co.zw/Kenneth_Mtata/">Reverend Dr Kenneth Mtata,</a> the current General Secretary of the <a href="https://www.pindula.co.zw/Zimbabwe_Council_of_Churches/">Zimbabwe Council of Churches (ZCC)</a> has said that trust is the missing ingredient to stabilize the Zimbabwean currency and macroeconomy.
His remarks come as the Minister of Finance and Economic Development, Professor Mthuli Ncube, announced a cocktail of measures to stabilise the foreign exchange rate and the macroeconomy.
In Twitter posts seen by Pindula News, Mtata said the recent announcement of a proposed &#8220;gold-backed digital currency&#8221; by the Reserve Bank of Zimbabwe (RBZ) to combat inflation is commendable, but it does not address the issue of eroding trust between citizens and the government.
Mtata added that recent events such as the GoldMafia documentary and the lack of responsiveness from the government have worsened the situation. He said:
<blockquote>
THE MISSING CURRENCY IN ZIM
Zimbabwe is back on the international headlines after the announcement of the proposed &#8220;gold-backed digital currency.&#8221; While efforts by the RBZ to arrest inflation should be commended, the missing piece that is not being addressed is TRUST.
Trust between citizens and the government has continued to be eroded. The recent #GoldMafia documentary and lack of responsiveness from the government has not helped the situation. The pressure of elections doesn&#8217;t allow for any meaningful national engagement.
It is, therefore, unlikely that the current initiative by the Reserve Bank will produce any meaningful improvements. A plan must be put in place to resolve the current trust deficit after elections. Only a TRUST-BACKED currency will alleviate the suffering of our people.
Zimbabwe is in huge TRUST deficit reflecting on recurrent financial troubles. The high prices, inflation, and dollarisation are partly a manifestation of broken trust. Should we not be looking for ways to rebuild this broken trust? What will a TRUST-building process look like?
</blockquote>
The declining trust in Zimbabwe&#8217;s government is a result of various factors, including corruption, economic mismanagement, and lack of transparency as well as policy inconsistencies. All these have further hindered economic growth and affected citizens and investors.
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Rev Mtata: Trust Missing To Stabilise Zimbabwean Dollar, Economy

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