Director Finance, Human Resources and Administration

Director Development

Graduate Trainee: Procurement (Harare)

Graduate Trainee: Process Chemist (Chiredzi)

Graduate Trainee: Systems Analyst (Harare)

Electronic Banking Analyst (Harare)

Assistant ICT Officer (Harare)

English Language and Literature Teacher Up to “A” Level (Kadoma)

Computer Science Teacher Up to “A” Level (Kadoma)

Courier x2 (Harare)

Procurement Intern (Bulawayo)

Technical Support Specialist in Plumbing, Electrical and Solar

Finance Manager x2 (Harare)

Family Strengthening Program Coordinator (Bulawayo)

Sales and Distribution Manager

Finance Manager

Draftsman

Stock Controller: Finished goods (Harare)

Sales Assistant (Harare)

Systems Developer

Systems Support Analyst

Instrumentation And Control Technician (Chiredzi)

Technical Manager: Dyeing (Harare)

Human Resources Officer (Harare)

Back Of Clerk (Bulawayo)

Senior Bank Teller (Bulawayo)

Auditor

Senior Executive Assistant

Accounting Assistant

Assistant Procurement Officer

Publishing Process Coordinator (Harare)

Mathematics and Science Publishing Editor (Harare)

Retail Assistant (Harare)

Electrician (Bulawayo)

Town Secretary (Chipinge)

Director: Strategy, Research & Innovation (Level 3)

Legal Officer (Grade: D3)

Executive Assistant to the Vice-Chancellor

Assistant Internal Auditor

Assistant Risk Officer

Tractor Driver

Quality Assurance Analyst

Quantity Surveying Technician

Driver x2

Counsellor

Senior Assistant Registrar, Human Resources

Receptionist

Principal Accountant, Planning and Budgetary Control

Accounting Assistant x2

Monitoring Evaluation Accountability and Learning Officer (Chipinge)

Finance Clerk

General Ledger Accountant (Harare)

Treasury Accountant (Harare)

Storeman (Harare)

PA to the Executive Director (Harare)

Administration Intern (Harare)

Branch Manager (Harare)

Graduate Intern: Real Estate (Harare)

Coffee Shop Attendant (Harare)

Matron Surgical wards (Harare)

Part Time- Brick And Blocklaying Lecturer (Bulawayo)

Senior Full-Stack C# Developer (Harare)

Baker

Skilled Worker: Electricians x4 (Grade: 9)

Senior Credit Risk Analyst

Graphics Designer (Beitbridge)

Attachee: Human Resources (Harare)

Attachee: Procurement (Harare)

Attachee: IT Department (Harare)

Attachee: Sales and Marketing (Harare)

Production Manager

Facilities Engineer

Finance Officer

Logistics Coordinator

Human Resources Officer

Sales and Marketing Officer

Animal Nutritionist

Production Supervisor (Feed Plant)

Production Supervisor (Baking Plant)

Production Supervisor (Edible Oil Plant)

Quality Assurance Supervisor

IT Officer

Quality Control Officer (Incoming & Outgoing Products)

Maintenance Officer

Plant Operator (Baking Plant)

Plant Operator (Edible Oil Plant)

Plant Operator (Feed Plant)

Assistant Operator (Baking Plant)

Assistant Operator (Edible Oil Plant)

Assistant Operator (Feed Plant)

Plumber

2023 Apprenticeship Intake

Research and Innovation Lead Officer in Life Sciences

Research and Innovation Lead Officer in Physical Sciences

Research and Innovation Lead Officer in Engineering

Technologist in Life Sciences

Technologist in Creative Art and Industries

Stanbic Bank has called on mining stakeholders to work together to unlock the full potential of the sector and its value chain.
The Standard Bank Group Subsidiary’s Chief Executive (CE), Solomon Nyanhongo said the mining sector has the potential to drive sustainable growth and development across Africa and beyond especially if key stakeholders all work together towards achieving this goal.
Nyanhongo told participants at the just-ended Chamber of Mines Conference that Stanbic Bank is on hand to contribute towards this goal through its regional and international partnerships which give it an edge in the industry. Said Nyanhongo:
<blockquote>
Stanbic has dedicated and experienced relationship managers whose sole purpose is to ensure our clients receive all the necessary support.
The bank also leverages the support of a specialised Mining &amp; Metals desk at Standard Bank Group level which helps us to efficiently assess running mining projects and offer specialised advice where required.
Several mining houses have leveraged off facilities which has allowed them to purchase new equipment and refurbish existing plants.
Stanbic Bank has extended its services to assist clients with the understanding of various exchange control and legislative requirements as changes take place.
The Bank has developed customized financial literacy sessions that speak directly to the mining sector and its operations ensuring total compliance for their clients.
He said Stanbic Bank has adopted an intentional growth strategy for the mining industry for the past 30 years as it plays a pivotal role in boosting the sector in line with National Targets.
To that end, the leading financial services institution commands a 40% market share in the mining sector. 
</blockquote>
Nyanhongo said Stanbic Bank understands the vital role that mining plays in Zimbabwe’s economy and is proud and committed to supporting this industry through its banking services and financial expertise. He said:
<blockquote>
It is imperative to utilise and maximise on platforms such as the Conference and its unique opportunity to come together, share insights and experiences, and collaborate on solutions to the challenges facing our sector and hopefully forge new partnerships.
</blockquote>
The attendance by Standard Bank Group representatives – Mark Buncombe, Global Head Mining, and Sean Evans, Mining Executive &#8211; Platinum and Diamonds, demonstrated Stanbic’s commitment and involvement with the Chamber of Mines.
Recent statistics show that Zimbabwe&#8217;s Mineral Exports topped US$5,6 Billion in 2022 compared to 2.7 billion in 2017 a 100% growth within a space of 5 years.
Nyanhongo said such a growth rate was commendable given the time mining projects take to reach the full production stage adding that more could be achieved with concerted efforts from all stakeholders.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Stanbic Bank Calls For Unity Of Purpose In Mining

The street forex rate has moved to US$1: ZWL$7 000 according to academic <a href="https://wiki.pindula.co.zw/Pedzisai_Ruhanya">Pedzisai Ruhanya</a>, as the local currency continues depreciating at an alarming rate on both the official and unofficial markets.
Posting on the Twitter platform this Wednesday, Ruhanya said the movement of the rate shows that ZANU PF&#8217;s economic policies have dismally failed. <a href="https://twitter.com/PedzisaiRuhanya/status/1666298242995216385">He wrote</a>:
<blockquote>
1USD: ZWL$7000 exchange rate clearly shows ZANU PF economic FAILURE. FAILED ECONOMIC POLICY ON DISPLAY.
They can&#8217;t rig the economy. Even their new shadowy securocratic hybrid electoral manipulator FAZ cant manipulate the economy.
</blockquote>
On Tuesday, former Finance Minister <a href="https://wiki.pindula.co.zw/Tendai_Biti">Tendai Biti</a> said shops were using the US$1 to ZWL$7000. <a href="https://twitter.com/BitiTendai/status/1666113606813990912">He said</a>:
<blockquote>
This evening some shops are now using a rate of 1US$ to ZWL$7000. Zimbabwe is now at that precipe where the exchange rate is now in the self-fulfilling free fall zone that we saw in 2008.
Sadly they don’t panic &amp; they don’t care. This election is now about saving Zimbabwe, saving livelihoods.
</blockquote>
On the <a href="https://wiki.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> auction conducted on Tuesday, the Zimbabwe dollar fell by just over $1 000 to average $3 673.7718 against the US dollar.
The RBZ allotted a total of US$4,987,432.34 down from US$15,266,095.92 allotted last week.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Shops Now Using US$1 To ZWL$7 000 Street Rate - Biti

The Grain Millers Association of Zimbabwe (GMAZ) has said large-scale retail shops are having low stocks of mealie meal because they want the product on credit terms.
GMAZ president Tafadzwa Musarara told <a href="https://www.sundaynews.co.zw/grain-millers-blacklists-shops-for-demanding-mealie-meal-on-credit/">State media</a> that millers are buying grain cash up-front from the Grain Marketing Board (GMB) therefore they cannot sell on credit terms to supermarkets.
Musarara said large retailers should pay cash upfront or at least cash-on-delivery to enable the millers to remain viable. He said:
<blockquote>
GMB requires us to pay 100 percent upfront for grain. In view of this, we are unable to give credit terms to anyone including the mainstream retail shops. This explains why stocks are low in these mainstream shops.
It is not disputed that the country has adequate supplies of maize and wheat and the milling industry’s capacity dwarfs demand.
The major challenge is the issue of exchange rates between the USD and the local currency.
</blockquote>
Musarara said millers were supplying all retailers using the Zimbabwe dollar price, and they had no control over the rate that shops use in their outlets.
He said the reason why mealie-meal was easily accessible in smaller outlets, was that they paid for deliveries upfront.
The Zimbabwe dollar has been in free-fall against major currencies in the past few weeks and on Tuesday, 06 June, the rate was $3 673 against the US dollar, down from $2 577 last week.
On the parallel market, the rate was reportedly between $4 500 and $6 000 depending on the amount being traded.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Grain Millers Refuse To Sell Mealie Meal On Credit

The Zimbabwe dollar on Tuesday fell by just over $1 000 to average $3 673.7718 against the United States (US) dollar on the foreign currency auction held by the <a href="https://wiki.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ).</a>
On 06 June 2023, the weighted average was US$1: ZWL$3 673.7718, from US$1: ZWL$2 577.0564 on 30 May.
Today, the RBZ allotted a total of US$4,987,432.34 down from US$15,266,095.92 allotted last week, with the bulk of the allotment going to raw materials, followed by machinery and equipment.
The amount allotted for the Small to Medium Enterprises Forex Auction was US$829,418.77 down from US$1,782,414.85.
The Main Forex Auction was allotted US$4,158,013.57 down from US$13,483,681.07. 
A total of 298 bids from small businesses and 210 for large firms were accepted.
However, only 82 bids from small businesses and 38 from large firms received allocations from the auction.
The Highest Rate Received on the Small to Medium Enterprises Forex Auction was 4,100.0000 while the Lowest Bid Rate Allotted was 3,500.0000.
On the Main Forex Auction, the Highest Rate Received was 4,100.0000 while the Lowest Bid Rate Allotted was 3,555.0000.
The RBZ said all bids within the pre-announced amount were allotted in full.
It said bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient balances were also disqualified.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe Dollar Official Rate Now $3 673 To The US Dollar

The Zimbabwe Energy Regulatory Authority (ZERA) has announced new fuel prices effective June 5, 2023, and they will be effective up to 4 July 2023.  In an update seen by Pindula News, the regulator said diesel and petrol will be sold as follows:
<blockquote>
<ul>
<li>Diesel 50 ZWL$4 249.78 from ZW$1 756.24 per litre or US$1.56 down from US$1.61 in May</li>
<li>Petrol Blend ZWL$4 220.38 from ZWL$1 752.81 per litre or US$1.55  down from US$1.61 in May.</li>
</ul>
</blockquote>
ZERA announced that fuel prices for <a class=" MarkdownLink_linkifiedLink__KxC9G">May 2023</a> are based on M-1 which is a term used in the fuel sector to refer to the month prior to the current month. For example, in June 2023, M-1 would refer to the month of May 2023. M-1 is commonly used in fuel pricing, as fuel prices are often set based on the average prices in the previous month. This helps to account for fluctuations in the market and ensure that prices remain stable for consumers.
The regulator also said the <a class=" MarkdownLink_linkifiedLink__KxC9G">blending ratio</a> is now at E20, up from E15 and operators can sell petroleum products below the prescribed prices based on their trading advantages. Operators must display prices prominently in accordance with fuel pricing regulations. Stakeholders are advised that the petroleum price releases by ZERA can be verified on the official ZERA website, Facebook or Twitter handle.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Zimbabwe Announces Fuel Price Changes Effective June 5, 2023

The senior payment systems analyst of the Reserve Bank of Zimbabwe (RBZ), Howard Tundu, has stated that the central bank is not responsible for the increasing black-market exchange rate in the country, which is occurring alongside rising inflation. Currently, the Zimbabwe dollar is trading at around $3,800 to the US dollar on the parallel market.
Speaking at an event hosted by the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ), Tundu argued that the RBZ could not control what people chose to do when trading outside of the official rates, as they have their own rates that they use for payments. He said that the RBZ was only concerned about the Zimbabwe dollar. Tundu said:
<blockquote>
As RBZ we cannot control what people do outside the official rates where they have their rates which they use for payments. We are only concerned about the Zimbabwe dollar.
</blockquote>
However, Africa Economic Development Strategies executive director, Gift Mugano, suggested in an interview with NewsDay that the RBZ was avoiding facing the reality of the situation. Mugano explained that the current pricing regime in the market was determined by the black-market pricing, which is influenced by policy discord within the government. Mugano argued that the RBZ should be concerned about the black-market rate, as it is a sign of accepting defeat to ignore it. He is quoted as saying:
<blockquote>
The pricing regime in the market now is determined by the black-market pricing and the same black market is influenced by policy discord within the government.
The fact that the central bank controls the exchange rate on the auction system has been one of the drivers of distortions. You can&#8217;t say you are only concerned about the official rate. They should be concerned about the black-market rate. This is a sign of accepting defeat.
</blockquote>
The Consumer Council of Zimbabwe (CCZ) Mashonaland consumer protection officer, Tapiwa Lloyd Mombeshora, added that consumers had the right to demand fair value for goods and services. He noted that while the RBZ is responsible for giving licenses for fair digital financial services, if consumers do not receive fair value, they have the right to question the RBZ. 
The black-market exchange rate can cause significant economic impacts when it exceeds the official rate, indicating distrust in the government&#8217;s economic management. Zimbabwe&#8217;s rising black-market rate is due to factors such as foreign currency scarcity, inflation, and policy discord. It leads to businesses and individuals relying on the black market, worsening the official rate. This can make imports expensive, hurt businesses reliant on imports, increase borrowing costs, and deter foreign investment. 
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Zimbabwe's RBZ Denies Responsibility For The Rising Black-market Exchange Rate

Zimbabwe&#8217;s Ministry of Finance and Economic Development has directed that exporters pay their 25% export proceeds surrender requirement to the government and not the central bank. Finance Minister Mthuli Ncube announced that the Treasury will assume foreign debt by funding the 25% surrender portion of export proceeds. This move was aimed at slowing the growth of money supply, which is causing the Zimbabwe dollar to lose value.
However, concerns have arisen regarding how the government will fund the 25% surrender portion of export proceeds, given that the local currency continues to lose value against the US dollar.
Economic commentators have suggested that increased taxes may not be adequate to pay the portion. Economic blogger Tinashe Murapata said on Twitter:
<blockquote>
Treasury has taken unprecedented steps to force exporters to pay directly surrender proceeds into its accounts in its statement, as one would, when they pay taxes, effectively fiscalising monetary matters. Treasury then claimed that it would settle the 25% surrender receipts with its own ZWL collections.
Having witnessed contractors and wheat farmers delayed payments, the market wondered where treasury would get the money. Even today, the market is wondering where treasury will get the money to pay the “foreign debts” it has assumed. Despite the propaganda of retaining the Zimbabwe dollar, the tussle reveals what is most valuable is the American dollar.
</blockquote>
Additionally, government contractors, civil servants, and farmers are demanding to be paid in US dollars. Zimbabwe&#8217;s government has often funded local debt in the past with the issuance of debt instruments.
Local financial services firms have suggested that the government create demand for the local currency to increase private sector participation on the supply side of hard currency, <a href="https://www.newsday.co.zw/thestandard/business/article/200012447/furore-over-25-export-surrender-funding">The Standard</a> reported. Local financial services firm, IH Securities in its analysis of treasury’s measures to prevent a complete slide into dollarisation, said:
<blockquote>
By allowing all customs duty to be payable in Zimbabwe dollars, we expect demand for the local currency to increase. Theoretically, this should trigger private sector participation on the supply side of hard currency as companies sell to meet obligations.
On the other hand, we might experience increased power supply disruptions as foreign currency inflows to Zesa are reduced. The treasury also limited weekly auction allotment to US$5 million so as to avoid build-up of a backlog.
</blockquote>
Despite the economic growth expected to increase by 3.8% this year, Zimbabwe still faces challenges such as power shortages, inflation, and depreciating local currency.
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwe Govt Directs Exporters To Surrender 25% Of Proceeds Directly To Treasury

Zimbabwe&#8217;s Hwange Thermal Power Station Unit 7 was successfully restored on Monday, adding 300MW to the national output.
Hwange Power Station’s Unit 7 was first synchronised with the system on March 20 before it was <a href="https://www.pindula.co.zw/2023/05/11/zetdc-says-hwange-unit-7-has-been-temporarily-removed-from-the-grid/">taken off the national grid</a> on 11 May for confirmation tests before being put back into operation.
The Zimbabwe Electricity Transmission and Distribution Company (ZETDC) announced that the official integration of Unit 7 was confirmed by its contractor, Power China Zimbabwe. Said Power China Zimbabwe, the Chinese company that carried out the installation:
<blockquote>
Unit #7 of Hwange Power Plants was officially integrated into the national grid, adding 300MW of electricity to the national grid.
</blockquote>
Zimbabwe embarked on the Hwange Power Station expansion project in 2018, with funding primarily coming from China, and the two 300MW units, Units 7 and 8, are being added to the plant. Unit 8 is expected to start power production in October of this year.
Energy and Power Development Minister, <a href="https://www.pindula.co.zw/Soda_Zhemu/">Soda Zhemu</a> confirmed that the Hwange Thermal Power Station Unit 7 will add 300MW to the national output, contributing to the 600MW expected from the expansion project before the end of the month. He said:
<blockquote>
 It was being run on commissioning tests where they were testing the turbine running capacity, which was successful and also the boiler hydraulics.
What happened is that after running it for the period of the tests, they took it out of the grid in order for technicians to do evaluations before the unit is run on commercial basis.
They have been working on the unit and according to what they had pre-determined at a time when they took it off the grid, the unit was supposed to be tied back to the grid today (Thursday).
We now expect that we will be having a contribution of 600 megawatts that will be coming from the expansion project any time before the end of this month, the 300 megawatts coming on commercial availability and the 300 megawatts from Unit 8 still on commercial test.
</blockquote>
The Minister of Energy and Power Development, Soda Zhemu, stated that an additional 600 megawatts will improve power availability in the country. He also stated that Kariba South Power Station was generating more power than it was earlier this year due to increased water allocation. The allocation was made after ZESCO and ZESA met with the Zambezi River Authority, which manages the water resources.
The combined output of the country&#8217;s electricity has improved, hovering around 1,200MW, recovering from the lowest point of below 400MW earlier this year.
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwe's Hwange Unit 7 Restored To The National Grid

Workers at Waverley Blankets, in Graniteside industrial area, Harare, have gone on strike.
The strike action comes after the company refused to comply with an arbitration outcome that ordered all textile employers to increase their workers’ salaries to a minimum of US$184 per month.
<a href="https://www.newsday.co.zw/local-news/article/200012361/waverley-blankets-workers-strike-over-low-salaries">NewsDay</a> reported that the National Employment Council (NEC) of the Textile Manufacturing Industry recently said any deadlock on wage negotiations in the sector would now be resolved through voluntary arbitration as agreed by the parties. It said:
<blockquote>
Accordingly, the arbitral tribunal awarded that the minimum wage be US$184 with the same percentage differential applying across all grades/levels.
That all companies in the textile manufacturing industry shall pay 45% of minimum wages in United States dollars and the remaining balance of 55% shall be paid in local currency, i.e. Zimbabwe dollar, at the prevailing official exchange rate, at the date of processing.
For the avoidance of doubt, the official exchange rate refers to the RBZ [Reserve Bank of Zimbabwe] auction rate.
</blockquote>
Waverley Blankets&#8217; Managing Director reportedly applied to NEC seeking exemption from paying the wages agreed during arbitration which the Council declined. NEC wrote back:
<blockquote>
It should be noted that your application for exemption was considered and declined.
In other words, it was turned down or rejected and, therefore, there is no pending application for exemption before the NEC.
In the circumstance, the status quo of the arbitral award is still in force until it is set aside by a competent court.
</blockquote>
Waverley Blankets employees have vowed to continue striking until the company complies with the arbitration outcome.
Workers in both the private and public sectors are clamouring for United States dollar salaries as most goods and services including fuel are being sold exclusively in foreign currency.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Waverley Blankets Workers Down Tools Over Low Salaries

The shortage of mealie meal in large retail outlets such as supermarkets has been blamed on millers who are allegedly diverting the product to the streets and pavements where it is being sold strictly in foreign currency.
There is a shortage of mealie meal in major retail shops but the product is readily available on the informal market where consumers are being forced to buy using forex.
Grain Millers Association of Zimbabwe (GMAZ) chairman, Tafadzwa Musarara, requested to have questions from State media in writing but was yet to respond.
The Small-Scale Millers Association of Zimbabwe (SMAZ)  president, Davis Muhambi, told <a href="https://www.herald.co.zw/mealie-meal-diverted-to-black-market/">The Herald</a> that it was possible that millers have cut off the supply chain. Said Muhambi:
<blockquote>
I don’t want to be speculative but there is a great possibility that millers have cut off the supply chain.
The availability of mealie-meal and maize needs to be investigated thoroughly.
Millers could possibly be holding the commodity as they may deem that it is no longer sustainable to supply the commodity in RTGs as compared to US dollars.
There are a lot of technicalities involved, which may require them to keep afloat, as well as to make profits from their business.
</blockquote>
He urged the Government to urgently investigate the issue and ensure that sanity prevails.
Confederation of Zimbabwe Retailers president, Denford Mutashu, said:
<blockquote>
Government should urgently look into this matter. In fact, it should step up and consider the recommendations that we made to them to arrest such a scenario.
Millers may and are possibly cutting off the supply due to the prevailing black-market rates.
Mealie-meal must be prioritised as an urgent matter as it will fuel an upsurge of other commodities.
Most commodities are readily available on the parallel market and in backyard kiosks where they are being sold at prices up to three times the official rate.
A 10 kg bag of maize meal sells for about US$6 as compared to the official price of the RTGs, which is between $15 000 and $20 000.
</blockquote>
This week the Zimbabwe dollar fell by nearly $700 to average $2 577 against the United States (US) dollar on the foreign currency auction held by the Reserve Bank of Zimbabwe (RBZ).
On the parallel market, the greenback is reportedly changing hands at about Us$1:ZWL$3 500.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Millers Accused Of Diverting Mealie Meal To The Black Market

The Reserve Bank of Zimbabwe (RBZ) has clarified a recent directive by the Minister of Finance and Economic Development Mthuli Ncube on the use of foreign exchange from the 25% surrender portion of export proceeds.
In a statement issued on 29 May 2023, Ncube said that with effect from 01 June 2023, Treasury will fund the Zimbabwe Dollar component of the 25% foreign currency surrendered by exporters.
Ncube also said that 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.
RBZ Governor John Mangudya on Wednesday said notwithstanding the statement by Ncube, the management of foreign exchange from export receipts will continue to go through the normal banking channels.
A statement issued by Mangudya on 31 May titled &#8220;Operational Modalities for the Management of the Surrender Portion of Export Proceeds&#8221; reads:
<blockquote>
Further to the Press Statement issued by the Hon Minister of Finance and Economic Development on 29 May 2023 on the use of foreign exchange from the 25% surrender portion of export proceeds, the Bank wishes to advise the public that the management of foreign exchange from export receipts will continue to go through the normal banking channels with the Bank playing the pivotal statutory role of intermediation between banks and the Exchequer.
In that regard, the Minister&#8217;s Press Statement is not intended to change the statutory requirements or merge fiscal and monetary policy jurisdictions.
The essence of the new measures is that Government is now actualizing the provisions of the Finance Act No. 7 of 2021, which, inter alia, provide for the take-over of external loans on the Bank&#8217;s books.
Government will provide the local currency required to purchase foreign exchange from part of the surrender portion of export proceeds for the purposes of servicing the external loans assumed by the State.
Government will alternatively use own foreign exchange resources to settle the said assumed foreign loans.
The Bank shall therefore ensure that all foreign currency arrangements, entered into by and between both local and foreign financial institutions and the Republic of Zimbabwe, are fully respected and loan obligations are serviced in accordance with the covenants of the respective underlying facilities or commitments.
This will ensure financial system stability and that there are no disruptions in the financial markets.
The Bank shall meet the Bankers Association of Zimbabwe and the Accountant General to agree on ways to ensure that the modalities envisaged in the policy measures are seamless, flawless and in line with best practice.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

FULL TEXT: RBZ Statement On The Surrender Portion Of Export Proceeds

The Zimbabwe dollar on Tuesday fell by nearly $700 to average $2 577.0564 against the United States (US) dollar on the foreign currency auction held by the <a href="https://wiki.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ).</a>
On 30 May 2023, the weighted average was US$1: ZWL$2,577.0564, from US$1: ZWL$1,888.0119 on 23 May.
The depreciation of the Zimbabwe dollar at the last two auctions shows that the central bank is gradually allowing the local currency to float.
Yesterday, the RBZ allotted a total of US$15,266,095.92 up from US$14,166,812.38, with the majority of the allotment going to raw materials, followed by machinery and equipment.
The amount allotted for the Small to Medium Enterprises Forex Auction was US$1,782,414.85 up from US$957,712.91.
The Main Forex Auction was allotted US$13,483,681.07 up from US$13,209,099.47.
A total of 503 bids from small businesses and 344 for large firms were accepted.
However, only 174 bids from small businesses and 129 from large firms received allocations from the auction.
The auction will be disbursing less than US$5 million from next week.
The RBZ said bids with overdue CDIs, outstanding Bills of Entry (BOEs), insufficient ZWL and those with sufficient FCA balances were also disqualified.
Bids were allotted on a pure Dutch Auction system basis, in line with the Minister of Finance and Economic Development&#8217;s statement on refining the Auction System.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe Dollar Official Rate Now $2 577.06 To The US Dollar

The Zimbabwean government has announced that starting June 1, 2023, a one percent (1%) tax will be applied to all foreign payments. The move announced on May 29, 2023, is one of <a href="https://www.pindula.co.zw/2023/05/29/zimbabwe-announces-additional-measures-to-stabilize-economy-and-currency/">several measures</a> adopted by the government to address months of economic instability, rapid depreciation of the Zimbabwean dollar, and significant price hikes. Finance and Economic Development Minister, Professor Mthuli Ncube said the Treasury will:
<blockquote>
• Introduce a 1% tax on all foreign payments.
</blockquote>
The tax on all foreign payments in Zimbabwe can help the economy in multiple ways. Firstly, the revenue generated can fund public services and infrastructure development, addressing social and economic challenges. Secondly, it can reduce the outflow of foreign currency that depletes foreign exchange reserves, thereby managing its availability and flow, and reducing dependence on external sources.
Additionally, the Zimbabwean government is introducing a system to trace the origin of gold, both commercial and small-scale, in line with international standards. This follows the release of the <a href="https://www.pindula.co.zw/Aljazeera_2023_Zimbabwe_Corruption_Documentary/">Gold Mafia documentary by Al Jazeera</a>, which exposed gold smuggling and money laundering involving senior government officials, Fidelity Printers, ZIMRA, and RBZ. The country reportedly loses billions of dollars annually due to illicit gold trading through porous borders.
Ncube also stated that Treasury will now fund the Zimbabwean Dollar component of the 25% foreign currency surrendered by exporters to eliminate the creation of additional money supply. He said banks will no longer withhold any foreign currency surrendered by exporters, and all liabilities to the banks will be settled through Treasury.
The minister also stated that the Treasury will maintain the USD Cash withdrawal tax at 2%. This tax was introduced in May 2022, where the Foreign Currency Cash Withdrawal Levy for amounts above US$1,000 was reviewed from 5 cents per transaction to 2%. 
Ncube also said excise duty on fuel will now be paid for in foreign currency. This is a departure from a directive issued in 2019, as published in a Government Gazette Extraordinary dated 20th May 2019. At that time, Ncube reduced the rate of excise duty on leaded petrol and unleaded petrol to a uniform rate of $1.15 per litre and the rate of excise duty on diesel and power kerosene to a uniform rate of $0.90 per litre. The new rates were expressed in the local currency, not the US dollar. 
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Zimbabwe Introduces A 1% Tax On All Foreign Payments

On May 29th, 2023, Zimbabwe&#8217;s Minister of Finance and Economic Development, Professor Mthuli Ncube, issued a directive requiring all <a class=" MarkdownLink_linkifiedLink__KxC9G">customs duty</a> to be paid in local currency. This directive is part of additional measures introduced by the minister to stabilize the country&#8217;s macroeconomy and the rapidly depreciating <a class=" MarkdownLink_linkifiedLink__KxC9G">local currency</a>.
As per the directive, seen by Pindula News, all government agencies and parastatals are required to collect their fees in local currency, and non-exporters will be required to pay ZESA in the local currency. While all customs duty will have to be paid in local currency, exceptions will be made for designated or luxury goods, and importers may choose to pay in foreign currency. Here are excerpts from the minister&#8217;s statement:
<blockquote>
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.
</blockquote>
The impact of this directive is a matter of debate among economists. Some believe that it will promote the use of the depreciating <a class=" MarkdownLink_linkifiedLink__KxC9G">Zimbabwean dollar</a>, thereby stabilizing the <a class=" MarkdownLink_linkifiedLink__KxC9G">foreign currency exchange</a> rate. However, others argue that the local industry remains unable to meet demand, necessitating the need for imports to augment its efforts. 
With the government recently opening borders to allow the importation of some previously banned commodities, there will be an increased demand for foreign currency to import goods, as the local currency is not a legal tender beyond Zimbabwe&#8217;s borders.
Furthermore, while the directive may encourage the use of the local currency, it may also discourage <a class=" MarkdownLink_linkifiedLink__KxC9G">foreign investment</a> in the country. International businesses may be hesitant to invest in a country where they cannot easily repatriate their profits in a foreign currency. They are attracted to Zimbabwe due to the widespread use of the US dollar, which they have been siphoning off leading to a depletion of foreign exchange reserves. Whether the directive is good or bad may depend on one&#8217;s perspective.
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Mthuli Ncube: All Customs Duty To Be Paid In Local Currency

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>
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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.
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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. 
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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.
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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.
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$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.
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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.
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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

<a href="https://www.pindula.co.zw/Jonathan_Moyo/">Jonathan Moyo</a>, Zimbabwe&#8217;s self-exiled former Information Minister, has written an open letter to Finance Minister <a href="https://www.pindula.co.zw/Mthuli_Ncube/">Mthuli Ncube</a> disputing reports that the business community is responsible for the recent significant price hikes.
Moyo argues that Zimbabwe&#8217;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.
In the letter seen by Pindula News, Moyo also encourages Ncube to spread his solution-based campaign message beyond his constituency and to all of Zimbabwe.  We present the letter below.
<blockquote>
&#8220;Business pulling govt down&#8221; The Herald Zimbabwe, 23 May 2023
Dear Minister Mthuli Ncube
I read the above-cited article in Tuesday’s Herald newspaper with great interest.
There is a historic reason with important lessons for the global south why China undertook comprehensive root and branch reforms to adopt a socialist market system in the last century and is doing exceptionally well today, with even better prospects for all its people beyond the horizon.
Since the dawn of decolonisation, textbook theories of unbridled market-centred economies have not worked for developing countries, especially for those in the eye of intrusive and meddlesome geopolitical storms from Western powers.
In the early 1990s Zimbabwe uncritically adopted a World Bank-sponsored economic structural adjustment programme &#8211; dubbed Esap- and sought to use the ill-fated programme to recklessly liberalise the economy leading to major structural dislocations and policy gaps that had disastrous consequences, which spiked between 1998 and 2000 and got worse in 2008, from which the country is yet to recover.
In the recent past, Zimbabwe’s economic direction has basically been the injudicious pursuit of a policy of appeasement of some vested Western interests, under the veil of market-centred mantras.
It is therefore little wonder that, instead of getting the country out of the hole it dug itself into when it uncritically adopted Esap in the 1990s, Zimbabwe has fallen back into its 1990s hole to the depth of its horrifying 2008 levels to now dig itself even deeper into it.
As a country, after some 23 years of hard times we have learnt enough from treacherous experience that by their very nature, structural dislocations and policy gaps cannot be resolved by pointing accusatory fingers at persons or groups who are either convenient scapegoats or are political opponents, but only by undertaking thorough going root and branch reforms for everyone and everything to fall into place, as amply shown by the instructive lessons from China’s reform experience.
Professor Ncube, there is no need for a rocket scientist to tell you that the business community now being blamed for the current pricing and currency mayhem across the economy really has no horse in the forthcoming harmonised general election.
If anything, Zimbabwe’s business community knows the country’s power dynamics and how they work, only too well. Besides, memories of November 2017 are still very fresh across the economy and society.
In the circumstances, I have two suggestions for your consideration.
First, your silence while prices and currency markets go haywire is too loud.
Everyone knows that you are the designated pilot of the situation that has now hit turbulence. The pricing and currency markets need to hear something substantive from you, something believable which they can trust and act on its positives and strength.
Second, and as former finance Minister <a href="https://www.pindula.co.zw/Patrick_Chinamasa/">Patrick Chinamasa</a> and some captains of industry in the know will tell you, in times like this shouting matches and open brawls between government voices with discordant messages and the business community benefit neither party, but only serve to make the bad situation worse for everyone, and particularly for ordinary people who have no means of navigating the economic turbulence that’s threatening their livelihoods.
And to be clear Prof, there is no sabotage going on here, none whatsoever, there are only problems with no solutions, when they are in fact solvable. Claims of sabotage are the refugee of people who have no solutions to problems that have solutions.
Consequently, consider quietly getting everyone who needs to be there into one room, put everything on the table, have cash-talk, and come out speaking with one message in many voices on what is going to be done immediately, intermediately and over the long term with government and business acting with a common purpose.
Just the message that government and business got together to address the pricing and currency volatility in the economy, will go a long way to restore hope that the turbulence will not get worse, but will be arrested.
Last but not least, it would be remiss of me not to wish you well Professor Ncube in your campaign for the Cowdray Park parliamentary constituency in Bulawayo in the forthcoming harmonised general election. So far so good and ceteris paribus, you are on course for a resounding August victory.
But because you are the Minister of Finance and Economic Development, one of the top and key portfolios in government – and you are thus everyone’s finance and economic development minister who manages everyone’s national purse – seriously consider spreading your solution-based campaign message and replicating your inspiring interventions and campaign projects beyond Cowdray Park to Bulawayo, Matabeleland North, Matabeleland South and indeed nationally.
When you win in Cowdray Park, as I pray you will and as the writing on the wall says so, everyone should win.
So long for now Prof Ncube and kind regards.
Comradely, 
Jonathan Moyo
</blockquote>
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Jonathan Moyo Tells Mthuli Ncube Business Isn't Responsible For Price Hikes

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