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<p>The Reserve Bank of Zimbabwe (RBZ) says foreign currency deposits in the banking sector increased by 433% between 2018 and September 2023.</p>
<p>Speaking at the Zimbabwe Independent Banks &amp; Banking Survey and Awards ceremony in Harare last week, RBZ Governor John Mangudya said foreign currency deposits were US$300 million in 2018, and by the end of September 2023, had risen to US$1.6 billion. The <a href="https://www.newsday.co.zw/theindependent/local-news/article/200018314/foreign-currency-deposits-rise-433-to-us16-billion"><span style="text-decoration: underline;">Zimbabwe Independent</span></a> quoted Mangudya as saying:</p>
<blockquote>
<p>Confidence in the banking sector improved significantly as depicted by growth in foreign currency deposits from around US$300 million in 2018 to US$1.6 billion as of the end of September 2023.</p>
<p>The banking sector has demonstrated resilience and strong performance with all banking institutions recording profits.</p>
<p>Banking sector performance indicators compare favourably to international benchmarks.</p>
<p>Financial inclusion reached 83% driven largely by digital financial services, about 95% of local currency transactions are conducted through electronic payment systems and mobile transactions account for 80% of total volume of transactions highlighting its significance in promoting financial inclusion.</p>
</blockquote>
<p>Official data shows that the United States dollar is now the dominant currency in the economy with 80% of domestic transactions being conducted in the greenback.</p>
<p><strong>More: <a href="https://www.pindula.co.zw/">Pindula News</a></strong></p>


Pindula News

Foreign Currency Deposits Rise 433% In Five Years - RBZ

<p>The <a class="MarkdownLink_linkifiedLink__KxC9G">Reserve Bank</a> of Zimbabwe has issued a statement reassuring the public that there is sufficient <a class="MarkdownLink_linkifiedLink__KxC9G">foreign currency</a> in the market to meet the needs and demands of banks’ customers. In the statement seen by Pindula News, the central bank notes that the foreign exchange liquidity position of banks stands at 60% in both cash and balances held with foreign corresponding banks.</p>
<p><a class="MarkdownLink_linkifiedLink__KxC9G">The Bank</a> has dismissed claims made by certain bank media that funds held in <a class="MarkdownLink_linkifiedLink__KxC9G">foreign currency accounts</a> (<a class="MarkdownLink_linkifiedLink__KxC9G">Nostro accounts</a>) are not foreign exchange and that the use of international debit MasterCard and credit cards has been deactivated. The Bank emphasizes that these claims are unfounded and do not represent the true state of the <a class="MarkdownLink_linkifiedLink__KxC9G">foreign exchange liquidity</a> position in the economy. The Bank has also noted that two banks, <a class="MarkdownLink_linkifiedLink__KxC9G">FBC Bank Limited</a> and BancABC Limited, which were cited as having deactivated <a class="MarkdownLink_linkifiedLink__KxC9G">card services</a>, have since issued statements distancing themselves from the circulating claims on social media. Reads the statement signed by the Governor, John P Mangudya:</p>
<blockquote>
<h3><em>STATE OF FOREIGN EXCHANGE LIQUIDITY IN THE ECONOMY</em></h3>
<p><em>The Reserve Bank of Zimbabwe (the Bank) wishes to advise and reassure the public that there is sufficient foreign exchange in the market to satisfy all needs and demands of banks’ customers. The foreign exchange liquidity position of banks stands at 60% in both cash and balances held with foreign corresponding banks.</em></p>
<p><em>In that regard, statements allegedly made by certain banks, and shared via social media, purporting that funds held in foreign currency accounts (FCAs) (popularly referred to in Zimbabwe as Nostro accounts) are not foreign exchange and that the said banks were deactivating the use of international debit MasterCard should be disregarded. The statements are uncalled for as they do not represent the true state of the foreign exchange liquidity position in the economy.</em></p>
<p><em>The Bank has noted that FBC Bank Limited and BancABC Limited, banks cited as having advised the public that they were deactivating card services, have since issued statements distancing themselves from the statements circulating on social media.</em> </p>
</blockquote>
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>


Reserve Bank Of Zimbabwe: There Is Sufficient Foreign Currency

<p>President Emmerson Mnangagwa has said his Government may enact laws against the use of foreign currencies to ensure that Zimbabweans embrace the Zimbabwe dollar.</p>
<p>In an interview with the <em>Third Eye</em> and <em>Brick By Brick</em> magazines this week, Mnangagwa ruled out dollarisation saying there was no turning back to using other countries’ currencies.</p>
<p>He said the multi-currency system was adopted to deal with hyperinflation but there is no country that can develop without its own currency. <a href="https://www.chronicle.co.zw/opposition-leaders-free-to-approach-president/"><span style="text-decoration: underline;">He said</span></a>:</p>
<blockquote>
<p>What we might do is legislate against foreign currency to make sure we use our own currency.</p>
<p>Our people must know that our currency is there to stay but foreign currencies of other countries are not there to stay.</p>
</blockquote>
<p>Calls for full dollarisation have been amplified in recent weeks following the precipitous devaluation of the Zimbabwe dollar on both the formal and informal market.</p>
<p>The majority of businesses, especially those in the informal sector, are no longer accepting Zimbabwe dollars, instead insisting on foreign currency.</p>
<p>This has resulted in trade unions demanding USD salaries and wages for workers to make ends meet.</p>
<p>Treasury and the central bank have ruled out dollarisation, with <a href="https://pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe</a> (RBZ) Governor <a href="https://pindula.co.zw/John_Mangudya">John Mangudya</a> saying Zimbabwe has no capacity to fully dollarise. Mangudya said:</p>
<blockquote>
<p>We have no capacity to dollarise because the money in the banks is not ours.</p>
<p>It belongs to the exporters so that they can export more. Now people are always confused that this US$11 billion is ours, no it’s not ours</p>
<p>The numbers don’t lie. If you can measure it, you can manage it. Ours is 25% which is supposed to go through the rest of the economy.</p>
<p>That’s what we use for auction, for reserves and for paying debts. That’s what it is.</p>
</blockquote>
<p><strong>More: <a href="https://www.pindula.co.zw/">Pindula News</a></strong></p>


Mnangagwa Threatens To Legislate Against Use Of Foreign Currency

<p>Finance and Economic Development Minister Mthuli Ncube said that the country’s increased foreign currency receipts, which reached US$11.6 billion in 2022, have helped companies retool and boost investments.</p>
<p>Ncube told the <a href="https://www.sundaynews.co.zw/fresh-moves-to-promote-use-of-local-currency/"><strong>Sunday News</strong></a> that the bulk of forex inflows are exporters’ receipts, which is nearly US$10 billion, while diaspora remittances were US$2 billion. He said:</p>
<blockquote>
<p>We have two types of inflows, the bulk are exporters’ receipts, which are the private companies mainly in the mining sector, and the small bit, which is $2 billion worth of remittances from the diaspora.</p>
<p>The first part, which is almost US$10 billion, are export receipts, as you know we have a retention policy which, as we speak, is at 25 percent.</p>
<p>This is what we force the companies to convert to Zimbabwe dollars and then we take that and use it to feed the auction, to spread these US dollars across other sectors that do not earn foreign currency.</p>
<p>These United States dollars are actually in the hands of private companies and they are using these to retool and recapitalise.</p>
<p>These companies are able to invest, create jobs, manufacture new products, retool, and this has helped reduce pressure on Government to supply them with US dollars through the auction.</p>
</blockquote>
<p>During the interview with State media, Ncube also said the Government will maintain interest rates at par with inflation to promote the use of the Zimbabwe dollar in local transactions.</p>


Increased Forex Receipts Have Boosted Investments, Says Mthuli

<p><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">The government of Zimbabwe has allowed the use of foreign currency as legal tender in the country until December 2025 when the National Development Strategy 1 (the national economic plan) is scheduled to come to an end. NDS1 which was introduced in January 2021 will run through December 2025. Pindula News presents Statutory Instrument 118A of 2022 in which the pronouncement was made:</span></p>
<blockquote>
<h2><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">Statutory Instrument 118A of 2022. [CAP. 10:20</span></h2>
<h2><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">Presidential Powers (Temporary Measures) (Amendment of Exchange Control Act) Regulations, 2022</span></h2>
<p><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">HIS Excellency the President, in terms of section 2 of the Presidential Powers (Temporary Measures) Act [Chapter 10:20], hereby makes the following regulations: —</span></p>
<h2><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">Title</span></h2>
<p><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">1. These regulations may be cited as the Presidential Powers (Temporary Measures) (Amendment of Exchange Control Act) Regulations, 2022. </span></p>
<h2><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">Amendment of section 5 of Cap. 22:05 </span></h2>
<p><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">2. The Exchange Control Act [Chapter 22:05] (“the principal Act”) is amended in section 11 (“Civil penalty orders”) by the insertion of the following subsections after subsection (2) —</span></p>
<p><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">“(2a) The provisions of the Schedule, insofar as they expressly or impliedly permit the settlement of any transaction or payment for goods and services in foreign currency, shall be valid for the period of the National Development Strategy 1 (the national economic plan for the period from January 2021 to December 2025, published on the 16th November, 2021). </span></p>
<p><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">(2b) To avoid doubt, where any civil infringement against any provision of the Schedule is suspected, the provisions of section 41A (“Freezing orders”) of the Bank Use Promotion Act [Chapter 24:24] (2 of 2004) may be applied to any banking account involved in the commission or the facilitation of the commission of the infringement.”. </span></p>
<h2><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">Amendment of Schedule to Cap 22:05 </span></h2>
<p><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">3. The Schedule to the principal Act is amended in paragraph 2 (“Power of Reserve Bank to issue civil penalty order”) by the insertion of the following subparagraph after subsection (9) —</span></p>
<p><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">“(10) A natural or legal person who —</span></p>
<p><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">(a) <strong>borrows foreign currency or receives credit denominated in any foreign currency</strong> from an authorised dealer or any other banking or financial institution registered or required to be registered under the Banking Act or the Microfinance Act [Chapter 24:30] must, notwithstanding the terms under which the loan or credit is advanced, <strong>repay the loan or credit in that foreign currency</strong>; or</span></p>
<p><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;"> (b) being an authorised dealer or any other banking or financial institution registered or required to be registered under the Banking Act or the Microfinance Act [Chapter 24:30], lends foreign currency or advances credit denominated in any foreign currency to any other natural or legal person, must, notwithstanding the terms under which the loan or credit is advanced, receive repayment of the loan or credit in that foreign currency; and any failure to do so shall render the natural or legal person concerned guilty of a civil infringement. </span></p>
<h2><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">(11) In the event of default in complying with subparagraph (10), the civil penalty shall provide for — </span></h2>
<p><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">(a) a combination of—</span></p>
<p><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">(i) a fixed penalty of the amount equivalent to the value of the foreign currency purported to be repaid in Zimbabwe dollars; and </span></p>
<p><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">(ii) a cumulative penalty over a period not exceeding ninety days of five per centum of the outstanding amount of the fixed penalty for each day (beginning on the day after the service of a civil penalty order) that the fixed penalty or any outstanding amount thereof remains unpaid by the defaulter. </span></p>
<p><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">(b) the suspension of the operation of the civil penalty order for a period of 48 hours from the date of its issuance to enable the alleged defaulter to show cause to the designated officer why the order should not have been issued, that is to say, to show that the order was issued in error:</span></p>
<h2><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">Provided that—</span></h2>
<p><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">if no such cause is shown within that period, the order shall be deemed to have been issued with effect from the beginning of such period; </span></p>
<p><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">(ii) if within that period it is shown that the order was issued in error, the designated officer shall withdraw the order and make the appropriate notation of withdrawal in the civil penalty register.”. </span></p>
<p><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;"><strong>(12)</strong> A natural or legal person shall be guilty of a civil infringement if he or she, being a seller of goods or services, offers such goods or services at an exchange rate above ten per centum the prevailing interbank rate published by the Reserve Bank of Zimbabwe.</span></p>
<h2><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">(13) In the event of default in complying with subparagraph (12), the civil penalty shall provide for — </span></h2>
<p><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">(a) a combination of—</span></p>
<p><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">(i) a fixed penalty of twenty million Zimbabwe dollars or an amount equivalent to the value of the foreign currency charged for the goods or services in question (whichever is the greater amount); and </span></p>
<p><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">(ii) a cumulative penalty over a period not exceeding ninety days of five percentum of the outstanding amount of the fixed penalty for each day (beginning on the day after the service of a civil penalty order) that the fixed penalty or any outstanding amount thereof remains unpaid by the defaulter. </span></p>
<p><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">(b) the suspension of the operation of the civil penalty order for a period of 48 hours from the date of its issuance to enable the alleged defaulter to show cause to the designated officer why the order should not have been issued, that is to say, to show that the order was issued in error:</span></p>
<h2><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">Provided that — </span></h2>
<p><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">(i) if no such cause is shown within that period the order shall be deemed to have been issued with effect from the beginning of such period</span></p>
<p><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">(ii) if within that period it is shown that the order was issued in error the designated officer shall withdraw the order and make the appropriate notation of withdrawal in the civil penalty register. </span></p>
</blockquote>
<h2><span style="font-size: 14pt; font-family: 'book antiqua', palatino, serif;">More: <a class="external text" href="https://zero.pindula.co.zw/download/" rel="nofollow">Pindula News </a>is best enjoyed <a href="https://zero.pindula.co.zw/download/?utm_source=PindulaArticles&amp;utm_campaign=DownloadLink">via the App. Download it here</a></span></h2>


FULL TEXT: Zimbabwe Allows Foreign Currency To Be Legal Tender Till 2025

<p>The Reserve Bank of Zimbabwe (RBZ) has dismissed reports circulating on social media alleging that foreign currency was no longer legal tender on local transactions.</p>
<p>Pindula News present a statement issued by RBZ Governor, <a href="https://www.pindula.co.zw/John_Mangudya">Dr John Panonetsa Mangudya</a>, who said the people behind the message sought to hamstring the central bank’s efforts to stabilise and grow the economy.</p>
<blockquote><p>FALSE AND MALICIOUS ARTICLES BEING CIRCULATED ON SOCIAL MEDIA ABOUT BAN OF USE OF FOREIGN CURRENCY</p>
<p>The Bank has noted with serious concern the continued circulation of false and malicious articles on social media alleging that Zimbabweans will no longer be able to pay for goods and services in foreign currency, particularly one article captioned “Foreign currency no longer legal tender”. These articles and statements are false and should be treated with the contempt they deserve, as there is no policy or law that prohibits the use of foreign currency in Zimbabwe as alleged.</p></blockquote>
<p></p>
<ol>
<li><a href="https://news.pindula.co.zw/2021/06/22/rbz-announces-interest-rates-banks-shall-pay-on-deposits/">RBZ Announces Interest Rates Banks Shall Pay On Deposits</a></li>
<li><a href="https://news.pindula.co.zw/2021/06/22/rbz-foreign-currency-auction-zimbabwe-dollar-continues-on-downward-trend/">RBZ Foreign Currency Auction: Zimbabwe Dollar Continues On Downward Trend 22 June 2021</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/06/10/forex-auction-zimbabwe-dollar-sheds-value-against-usd/">Forex Auction: Zimbabwe Dollar Sheds Value Against USD – 8 June 2021</a></li>
<li class="entry-title"><a href="https://news.pindula.co.zw/2021/06/01/forex-auction-results-rate-remains-fixed-at-just-under-zwl85/">Fo</a><a href="https://news.pindula.co.zw/2021/06/01/forex-auction-results-rate-remains-fixed-at-just-under-zwl85/">rex Auction Results: Rate Remains Fixed At Just Under ZWL$85 – 1 June</a></li>
<li><a href="https://news.pindula.co.zw/2021/06/05/drc-ambassador-listed-as-rbz-foreign-currency-auction-beneficiary/">DRC Ambassador Listed As Top Beneficiary Of RBZ Foreign Currency Auction</a></li>
<li><a href="https://news.pindula.co.zw/2021/05/18/rbz-forex-auction-zimbabwe-dollar-continues-on-downward-trend-against-usd/">RBZ Forex Auction: Zimbabwe Dollar Weaken Further Against USD – 18 May</a></li>
<li><a href="https://news.pindula.co.zw/2021/05/12/pdf-rbz-list-of-forex-auction-system-beneficiaries/">PDF: RBZ List Of Forex Auction System Beneficiaries</a></li>
<li><a href="https://news.pindula.co.zw/2021/05/05/rbz-forex-auction-zimbabwe-dollar-drops-against-usd-2/">RBZ Foreign Currency Auction: Zimbabwe Dollar Drops Against USD – 5 May</a></li>
</ol>
<blockquote><p>The articles are at the behest of irresponsible, mischievous and malicious people who are always bent on purveying false statements calculated to cause unnecessary anxiety, panic, alarm and despondency within the economy. The statements are also calculated to discredit Government and the Bank’s progressive efforts and achievements in stabilising and growing the economy.</p>
<p>The Bank wishes to reiterate that the public can pay for goods and services in local currency or foreign currency in accordance with the laws of the country and that they should ignore the malicious rumours being circulated on social media.</p></blockquote>
<p>More: Pindula News</p>

RBZ Dismiss Reports Saying Foreign Currency No Longer Legal Tender

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<p>President Emmerson Mnangagwa, through the Presidential Powers (Temporary Measures) (Financial Laws Amendment) Regulations, 2021, introduced last week SI <span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0">127 of 2021 that </span>forced businesses to use the US$1: ZWL$84 exchange rate.</p>
<p>The Statutory Instrument also made it illegal to give customers a discount for paying for goods or services in foreign currency, refuse to take local currency payments at the official exchange rate and issue Zimbabwe dollar receipts for goods paid for in foreign currency.</p>
<p><a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">The Reserve Bank of Zimbabwe</a> (RBZ) has posted some points to note on SI 127 of 2021. Pindula News presents below the points as given by the central bank.</p>
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<blockquote>
<div class="css-901oao r-18jsvk2 r-1qd0xha r-1blvdjr r-16dba41 r-vrz42v r-bcqeeo r-bnwqim r-qvutc0" dir="auto" id="tweet-text" lang="en"><span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0">The purpose of the S.I is to ensure that those obtaining foreign exchange from the auction system do not use parallel market rates. 1</span></div>
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<div class="css-1dbjc4n r-xoduu5">The use of parallel exchange rates of above 100, for example, on funds obtained from the auction at ZW$85 to US$1 is not good for the economy and consumers. It is these anomalies or arbitrage opportunities that the S.I is designed to deal with. 2</div>
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<div class="css-1dbjc4n r-1d09ksm r-18u37iz r-1wbh5a2">The S.I is not designed to harm business but to provide a level playing field for business and to protect consumers. 3</div>
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<div class="css-1dbjc4n r-1d09ksm r-18u37iz r-1wbh5a2">The use of foreign currency for the payment of goods and services is still allowed as per S.I 85 of 2020. 4</div>
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<div class="css-901oao r-1awozwy r-m0bqgq r-6koalj r-1qd0xha r-a023e6 r-16dba41 r-1h0z5md r-rjixqe r-bcqeeo r-o7ynqc r-clp7b1 r-3s2u2q r-qvutc0" dir="ltr">
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<p>Reports suggest that the SI 127 of 2021 has caused great panic, confusion and chaos.</p>
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<ol>
<li><strong><a href="https://news.pindula.co.zw/2021/01/19/zimra-warns-businesses-against-misquoting-currency-used-in-transactions/">ZIMRA Warns Businesses Against Misquoting Currency Used In Transactions</a></strong></li>
<li><strong><a href="https://news.pindula.co.zw/2021/05/24/paye-in-foreign-currency-and-local-currency/">PAYE In Foreign Currency And Local Currency</a></strong></li>
<li><a href="https://news.pindula.co.zw/2021/02/12/all-taxpayer-without-valid-tax-clearance-are-deemed-to-have-tax-clearance-certificates-expiring-on-28-february-zimra/"><b>All Tax Payers Without Valid Tax Clearance Are Deemed To Have Tax Clearance Certificates Expiring On 28 February – ZIMRA</b></a></li>
<li><a href="https://news.pindula.co.zw/2020/12/30/stop-wasting-taxpayers-money-on-zimbabwes-elections-us-senate-to-the-us-govt/"><b>Stop Wasting Taxpayers’ Money On Zimbabwe’s Elections – US Senate To The US Govt</b></a></li>
<li><a href="https://news.pindula.co.zw/2020/09/13/no-taxpayer-funds-will-be-used-to-compensate-white-commercial-farmers-ed/"><b>No Taxpayer Funds Will Be Used To Compensate White Commercial Farmers – ED</b></a></li>
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<p><b>More: <a href="https://news.pindula.co.zw/">Pindula News</a></b></p>
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RBZ: Some Points To Note On SI 127 Of 2021 On Forex

<p>Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said that there are no plans to adopt the United States dollar as the sole legal tender or to abandon the use of the Zimbabwe dollar.</p>
<p>This comes as there is a growing use of the US dollar in most transactions, especially in the informal sector and small-scale formal businesses.</p>
<p>Mangudya insisted that allowing individuals to use free funds in the economy and the charging of import duty in foreign currency should not be considered capitulation to calls for dollarisation. Said Mangudya:</p>
<blockquote><p>The RBZ has no intention of changing current arrangements regarding free forex funds in the economy.</p>
<p>Exceptions on the use of free funds in the economy, duty payments as well as some commodity purchases should not be construed as re-dollarisation.</p></blockquote>
<p>A fortnight ago Government said everyone providing goods or services in Zimbabwe must now quote prices in both Zimbabwe dollars and US dollars, but using the standard exchange rate set each week as the weighted average in the Tuesday weekly foreign currency auctions.</p>
<p>The Statutory Instrument giving effect to this was gazetted on July 24, 2020, by President Mnangagwa, as an addition to the Exchange Control (Exclusive Use of Zimbabwe Dollar for Domestic Transactions) Regulations.</p>
<h4><strong>More: The Herald via <a href="https://www.zbcnews.co.zw/zimbabwe-not-dollarising-rbz/" rel="noopener noreferrer" target="_blank">ZBC News Online</a></strong></h4>


We Won't Change Policy On Use Of Free Funds - Mangudya

<p>While fuel is generally readily available at fuel service stations selling the product in foreign currency, motorists prefer to join long queues at service stations selling fuel in local currency.</p>
<p>This comes as the exchange rate continued to shoot through the roof on the parallel market, making service stations selling in local currency three times cheaper than those charging in foreign currency.</p>
<p>The development has also forced some service stations selling fuel in foreign currency to reduce their prices.</p>
<p>Motorists say they would rather sleep in queues to buy fuel from filling stations selling in domestic currency compared and save whatever little forex they have. A resident of Bulawayo told the <em>Chronicle</em>:</p>
<blockquote><p>I don’t earn foreign currency and equally, I don’t have money to buy forex because of the ridiculous rates.</p>
<p>Whatever forex that is in my purse, I am reserving it for emergency situations such as medications and other pertinent issues, but certainly not to buy fuel.</p>
<p>I would rather sleep in the queue to buy fuel from service stations that sell in local currency because that is what I can afford.</p></blockquote>
<p>As of Tuesday, the exchange rate at the parallel market was US$1:$60 via electronic transfers and US$1:45 for cash transactions in Bulawayo.</p>
<p>Meanwhile, some fuel service stations selling fuel in foreign currency have slashed the price of petrol from US$1.33 to US$1.05 in a bid to attract customers.</p>
<h4><strong>More: <a href="https://www.chronicle.co.zw/motorists-shun-forex-fuel/" rel="noopener noreferrer" target="_blank">Chronicle</a></strong></h4>


Motorists Prefer To Sleep In Queues Than Buy Forex Fuel

<p>The Ministry of Finance and Economic Development has produced a document outlining the macroeconomic policy measures to support its 5-year de-dollarisation strategy.</p>
<p>The 5-year period is from the year 2020 to the year 2024.</p>
<p>It states that the payment of salaries in foreign currency for expatriates and NGOs shall be permissible from 2020 to 2024 as this is standard practice in many countries.</p>
<p>On the issue of payment of salaries in foreign currency by local companies (e.g. mines) to local employees, the Ministry of Finance has outlined a gradual reduction in the percentage of the salary payable in foreign currency over the 5-year period.</p>
<p>In 2020, up to 50% will be paid in foreign currency at the discretion of the employer, in 2021 – 40%, in 2022 – 30%, in 2023 – 20% while in 2024 only 10% of the salary will be payable in foreign currency, again at the discretion of<br/>
the employer.</p>
<p>Treasury has also revealed that during the 5-year de-dollarisation period, all goods and services in the country will be chargeable in local currency and payable in local currency or foreign currency using free funds.</p>
<p><strong><a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2020/04/DE-DOLLARISATION-ROADMAP-Final-Document.pdf" rel="noopener noreferrer" target="_blank">Download the DE-DOLLARISATION ROADMAP Final Document Here in PDF</a></strong></p>


Use Of Foreign Currency Permissible Until 2024, Finance Ministry Document Reveals

<blockquote><p>The regime has radically done a volte-face and sneakily re-dollarised. We told them it wouldn’t work and won’t work. They owe Zimbabwe an apology and they should now bring a Bill to Parliament formally repealing those sections of the Finance Act that incorporated SI33 and 142 of 2019.</p>
<p>Public policy must be consistent, predictable and for the public good. It surely can’t be the business of Government to disrupt people s lives. If the business of a government becomes that of disrupting its citizens then that government should have no business in the citizens’ business.</p>
<p>The confusion around monetary policy and the mismanagement of FX in Zim reflects structural incompetence and indifference. Undoing this dog’s breakfast will be a nightmare. We make the point once more that this is the worst government in the history of governments.</p></blockquote>
<h4><strong>More: <a href="https://twitter.com/BitiTendai/status/1243218808791347205" rel="noopener noreferrer" target="_blank">@BitiTendai</a></strong></h4>


Former Finance Minister, Biti Speaks After RBZ Re-dollarises {Full Thread}

<blockquote><p>1. This statement is issued by the Zimbabwe Revenue Authority (“ZIMRA/the Authority”) and seeks to correct the false article published in the Standard Newspaper on 15 March 2020, on page 12, written by Tawanda Majoni, titled “Zimra bosses are fuelling corruption” (“the Article”).</p>
<p>2. Article flagrantly states that:
“<em>While the rank and file is getting paltry RIGS packs, the executives are helping themselves to the good money, the US dollar. Far thousands in forex paid as salaries and allowances.</em>”</p>
<p>3. ZIMRA is not paying any of its employees (executives included) salaries and/or allowances denominated in United States Dollars or any other foreign currency as alleged or at all. The current compensation and remuneration for ALL ZIMRA staff is all in Zimbabwean dollars.</p>
<p>4. The Article is not only untrue but also malicious and is calculated to harm and damage the integrity and esteem of ZIMRA, its Board Executives and general staff.</p>
<p>5. The failure by the writer of the article to seek commentary from ZIMRA goes against basic ethical, editorial and journalistic principles, which afford the subject of a story the opportunity to respond before a story is published.</p>
<p>6. The Authority wishes to put the record straight and will pursue other remedies to cleanse its reputation</p>
<p>7. It has become necessary to publish this Statement for the benefit of our stakeholders, the taxpayers and the general public.</p></blockquote>


ZIMRA Responds To "Executives Are Paid In Foreign Currency" Report {Full Text}

<p>Energy and Power Development Minister <a href="https://www.pindula.co.zw/Fortune_Chasi" rel="noopener noreferrer" target="_blank">Fortune Chasi</a> has warned “unscrupulous” fuel dealers who are in the habit of hoarding fuel and then selling it at inflated prices in foreign currency that they will lose their licenses.</p>
<p>Chasi’s remarks follow reports of fuel service stations in Victoria Falls selling the product in foreign currency at between US$1.50 and US$1.59 per litre for petrol and diesel, respectively.</p>
<p>Speaking at the South Africa-Zambia and Zimbabwe Infrastructure Summit and Expo in the resort town on Friday, Chasi said:</p>
<blockquote><p>Very soon there will be order in the fuel sector. We can’t have people accessing foreign currency from the Central Bank and then go on to sell fuel anyhow. For those that don’t comply I will simply take their licenses and tear them up because we can’t have our people being punished by unscrupulous dealers.</p>
<p>Government has expressed concern in the past regarding that type of conduct and yesterday the Ministry (Finance) expressed itself in very strong terms in terms of saying to those that are engaging in malpractices that we will de-licence them because we can’t have profiteering people.</p></blockquote>
<p>Recently the Reserve Bank of Zimbabwe (RBZ) Governor <a href="https://www.pindula.co.zw/John_Mangudya" rel="noopener noreferrer" target="_blank">John Mangudya</a> said the Central Bank has given the <a href="https://www.pindula.co.zw/Zimbabwe_Energy_Regulatory_Authority" rel="noopener noreferrer" target="_blank">Zimbabwe Energy Regulatory Authority (ZERA)</a> approval to register fuel service stations with free funds for direct imports to be sold in foreign currency.</p>
<p>Meanwhile, ZERA has not yet approved any service station to sell fuel in foreign currency but the practice has already become rampant.</p>
<h4><strong>More: <a href="https://www.chronicle.co.zw/government-to-withdraw-licences-from-unscrupulous-dealers/" rel="noopener noreferrer" target="_blank">Chronicle</a></strong></h4>


Chasi Warns 'Unscrupulous' Fuel Service Stations

<p>Secretary for Energy and Power Development Engineer Gloria Magombo said the <a href="https://www.pindula.co.zw/Zimbabwe_Energy_Regulatory_Authority" rel="noopener noreferrer" target="_blank">Zimbabwe Energy Regulatory Authority (ZERA)</a> is working on a mechanism to ensure that fuel retailers will not abuse the facility to sell the product in foreign currency.</p>
<p>Magombo was speaking to reporters following revelations that some fuel service stations with free funds have been given the approval to sell fuel in hard currency. She said:</p>
<blockquote><p>What is happening is that a proper regulatory system will be put in place to make sure that (abuse) does not happen. We will work with management to make sure they come up with some form of I.D system for the fuel.</p>
<p>There will be regulations in the licensing system and ways of managing it through the banking system. That is why the RBZ is working with ZERA, in terms of how to manage the free funds for use and acquisitions.</p></blockquote>
<p>There are reports that several fuel dealers across the country are selling fuel in foreign currency in direct contravention of statutory instrument 142 of 2019 which banned the use of foreign currency in domestic transactions.</p>
<p>Before the latest development, only a few designated fuel service stations could sell fuel in forex in terms of Statutory Instrument 212 of 2019.</p>
<p>SI 212 of 2019 allowed only guests of the State and diplomats to buy petrol, diesel or other petroleum products in foreign currency.</p>
<h4><strong>More: <a href="https://www.ebusinessweekly.co.zw/fuel-dealers-to-sell-in-forex/" rel="noopener noreferrer" target="_blank">Business Weekly</a></strong></h4>


'ZERA Will Ensure That There Is No Abuse', Govt Official Speaks On The Sale Of Fuel In Forex

<p>Finance and Economic Development Minister <a href="https://www.pindula.co.zw/Mthuli_Ncube" rel="noopener noreferrer" target="_blank">Mthuli Ncube</a> said the reason why Zimbabweans continue to use United States dollars locally is that there is a shortage of Zimbabwe dollars.</p>
<p>To deal with the problem, Ncube said $10 and $20 notes will be introduced in due course. Said Ncube:</p>
<blockquote><p>We … know that one of the reasons why the US dollar continues to be used is that we do not have enough Zimbabwe dollars in circulation. There is a cash deficit of domestic currency.</p>
<p>That is why we have said we want to introduce more cash in a very prudent way. We have up to $5 notes now.</p>
<p>We will move to $10, $20 and sometime in the future if we need a higher denomination, we will make an analysis and determine. There is no urgency in that.</p></blockquote>
<p>Ncube made the remarks during an interview with Zimpapers Television Network (ZTN) last week.</p>
<p>In the same interview, Ncube warned that businesses that continue to demand payment in foreign currency will be dealt with severely.</p>
<h4><strong>More: <a href="https://www.herald.co.zw/penalties-for-businesses-demanding-forex/" rel="noopener noreferrer" target="_blank">The Herald</a></strong></h4>


Mthuli Identifies Reason Why Zimbabweans Continue To Use US Dollars & It's Not What You Think

<p>The <a href="https://www.pindula.co.zw/National_Railways_Of_Zimbabwe" rel="noopener noreferrer" target="_blank">National Railways of Zimbabwe (NRZ)</a> has been granted permission by the Central Bank to charge in foreign currency for goods exported under the Cost, Insurance and Freight (CIF) conditions.</p>
<p>In 2019, NRZ appealed to the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe" rel="noopener noreferrer" target="_blank">Reserve Bank of Zimbabwe (RBZ)</a> and the Ministry of Finance and Economic Development to be allowed to charge for its services in foreign currency.</p>
<p>In its response to the NRZ appeal, the RBZ on 31 December 2019 agreed in principle for the parastatal to charge its services under the CIF basis. The RBZ said:</p>
<blockquote><p>Please kindly note that in terms of the current Exchange Control administrative arrangements, where a transporter has shipped goods under the Cost, Insurance and Freight (CIF) basis; the respective transport or railage portion may be received by the transporter in foreign currency.</p>
<p>Under the circumstances highlighted, National Railways of Zimbabwe may receive such portion of railage charges in foreign currency.</p>
<p>Kindly, therefore, submit a specific application through your Authorised Dealers to have the necessary Exchange Control administrative structure for this arrangement to be operationalised.</p></blockquote>
<p>The development was welcomed by NRZ Board chairperson Advocate <a href="https://www.pindula.co.zw/Martin_Dinha" rel="noopener noreferrer" target="_blank">Martin Dinha</a>, who said it will enable the company to improve its finances to capacitate its business as well as import essential spare parts.</p>
<h4><strong>More: <a href="https://www.sundaynews.co.zw/nrz-to-charge-in-forex/" rel="noopener noreferrer" target="_blank">Sunday News</a></strong></h4>


NRZ To Charge Railage In Foreign Currency

<p>The Registrar General’s office is considering allowing local Zimbabweans with free funds to apply for emergency passports using foreign currency.</p>
<p>An emergency passport will cost US$318 and will be processed within 24 hours. This was revealed by local radio station Star FM News through a post on its Twitter handle. The post reads:</p>
<blockquote><p>The Registrar General says his office is making considerations to allow local Zimbabweans with free funds to pay for their passports in foreign currency pegged at $318 USD with the document processed within 24hrs.</p></blockquote>
<p>The development comes at a time when Home Affairs is failing to provide the travel documents due to scarce foreign currency needed to but consumables.</p>
<p>Recently, the government announced that Zimbabweans living in the diaspora can renew their passports for a fee of US$318.00.</p>
<h4><strong>More: <a href="https://twitter.com/StarFMNews/status/1218156419104505856?s=20" rel="noopener noreferrer" target="_blank">@StarFMNews</a></strong></h4>


Emergency Passports Could Cost US$318 For Those With Free Funds

<p>Varun Beverages has implored the government of Zimbabwe to ensure that investors are able to access foreign currency to import raw materials, failure of which will chase away the much-needed investors.</p>
<p>In an interview with State media on Friday after President <a href="https://www.pindula.co.zw/Emmerson_Mnangagwa" rel="noopener noreferrer" target="_blank">Emmerson Mnangagwa</a> officiated at the commissioning of three new production lines at the company, Varun Beverages, Ravi Jaipuria, said:</p>
<blockquote><p>I think the key thing is that Government has to give comfort and confidence to the investors that once they invest in this country, they will at least be able to get the raw materials to run their (factory) plants.</p>
<p>Because if they are not able to get foreign exchange to run their plants then there will be nobody prepared to invest in this country.</p></blockquote>
<p>Varun Beverages is an Indian company which produces a range of carbonated soft drink brands under PepsiCo franchise including Pepsi Cola, Mirinda, 7Up, Mountain Dew and Sting energy drink.</p>
<p>It requires about US$3 million a month to import key raw materials and recently expanded its manufacturing capacity to 35 million bottles per month from 13 million bottles a month.</p>
<h4><strong>More: <a href="https://www.chronicle.co.zw/address-forex-access-issues-varun-boss/" rel="noopener noreferrer" target="_blank">Chronicle</a></strong></h4>


Indian Billionaire Urges Govt To Resolve Forex Crunch

<p>Communities living close to the borders with South Africa and Botswana have reportedly dumped the local currency for the Rand where it has become the sole medium of exchange.</p>
<p>A teacher at a school in Tsholotsho told <em>The Standard</em> that he has to convert his Zimbabwe dollar salary to the Rand every month so that he can buy groceries which are relatively cheap in foreign currency. Said the teacher:</p>
<blockquote><p>I have no option but to change my salary, which is in Zimbabwe dollars to the South African rand every month.</p>
<p>This is the only way to ensure I can buy some grocery here in Tsholotsho instead of travelling all the way to <a href="https://www.pindula.co.zw/Bulawayo" rel="noopener noreferrer" target="_blank"><strong>Bulawayo</strong></a> over 100km away to buy my groceries in local currency.</p></blockquote>
<p>In areas such as <a href="https://www.pindula.co.zw/Tsholotsho" rel="noopener noreferrer" target="_blank"><strong>Tsholotsho</strong></a>, Bulilima, Mangwe, Matobo and <a href="https://www.pindula.co.zw/Gwanda" rel="noopener noreferrer" target="_blank"><strong>Gwanda</strong></a>, the villagers receive monthly remittances from family members living in South Africa or Botswana and this has sustained local trade in foreign currency.</p>
<p>In June this year, the government promulgated Statutory Instrument (SI) 142 of 2019 which ended the multi-currency system that had been in place since 2009, with new notes being introduced earlier this month.</p>
<h4><strong>More: <a href="https://www.thestandard.co.zw/2019/11/24/matabeleland-switches-rand-amid-currency-turmoil/" rel="noopener noreferrer" target="_blank">The Standard</a></strong></h4>


Matabeleland Dumps Zimbabwe Dollar For The Rand

<p><a href="https://www.pindula.co.zw/Harare_City_Council" rel="noopener noreferrer" target="_blank"><strong>Harare City Council</strong></a> will seek authorisation from the central government to charge certain ratepayers, services and products in foreign currency.</p>
<p>This was said by Harare Mayor Councillor <a href="https://www.pindula.co.zw/Herbert_Gomba" rel="noopener noreferrer" target="_blank"><strong>Herbert Gomba</strong></a> while giving his State of the City Address (SOCA) at Town House on Tuesday. He said:</p>
<blockquote><p>The Council is also engaging the government in a bid to secure authority to charge certain ratepayers, services and products in forex.</p>
<p>… the above is not peculiar to Harare alone, because some fast food outlets designated tourism facilities are allowed to charge in forex.</p></blockquote>
<p>Gomba further stated that the council is lobbying Parliament to make a law that will empower the local authority to execute garnishing orders, just like <a href="https://www.pindula.co.zw/Zimbabwe_Revenue_Authority" rel="noopener noreferrer" target="_blank"><strong>Zimbabwe Revenue Authority (ZIMRA)</strong></a>.</p>
<p>Service delivery in Harare is deplorable with council blaming residents and business for non-payment of rates making it impossible the City Fathers to fulfil their mandate. Total revenue owed to the council is over $1 billion.</p>
<h4><strong>More: <a href="https://www.newzimbabwe.com/mayor-harare-needs-billions-to-end-its-troubles/" rel="noopener noreferrer" target="_blank">NewZimbabwe.com</a></strong></h4>


Harare City Council Seeks To Charge Certain Ratepayers In Forex

<p>The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe" rel="noopener noreferrer" target="_blank"><strong>Reserve Bank of Zimbabwe (RBZ)</strong></a> said foreign currency reforms, which started with the separation of accounts in October 2018 and the re-introduction of the local currency in June 2019, have now been fully achieved.</p>
<p>The apex bank also said that the foreign currency market is stabilising following the currency reforms which were set in motion in October 2018.</p>
<p>In its mid-term Monetary Policy Statement, the RBZ said that the introduction of the local currency and the fine-tuning of the interbank market resulted in increased foreign currency trading in the formal system. The statement read in part:</p>
<blockquote><p>The introduction of the Zimbabwean dollar together with the fine-tuning of the interbank market resulted in increased foreign currency trading in the formal system and narrowing of the premiums between the interbank market and parallel market foreign currency rates.</p></blockquote>
<p>In October 2018, the central bank ordered banks to create separate Nostro (external bank) foreign currency accounts (FCAs) and real-time gross settlement (RTGS) FCA accounts, as part of measures to preserve value for foreign currency earners and to boost market confidence.</p>
<p>On February 22 2019, the RBZ floated the RTGS with the rate starting at ZWL$2,50/US$ and in June, the local currency abandoned a decade ago at the height of hyperinflation was re-introduced.</p>
<p>However, 8 months later the value of the Zim dollar has plummeted, with the interbank exchange rate now standing at ZWL$15,59/US$.</p>
<h3><strong>More: <a href="https://www.herald.co.zw/forex-market-stabilising-rbz/" rel="noopener noreferrer" target="_blank">The Herald</a></strong></h3>


Foreign Currency Reforms Now Fully Achieved: RBZ

<p>The Reserve Bank of Zimbabwe (RBZ) says is the existence of a foreign currency black market is a  reflection of shortages of forex in the system.</p>
<p>This was said by RBZ Deputy Governor Kupukile Mlambo, who was standing in for RBZ Governor John Mangudya, when he appeared before Parliament’s Public Accounts Committee on Monday.</p>
<p>Mlambo said the RBZ does not have control of all the foreign currency in the system, therefore it has no way of knowing where it ends. He said:</p>
<blockquote><p>The existence of a parallel market is a reflection of shortages in the system or the wrong incentives in the system.</p>
<p>Clearly we have to fix that and deal with that (black) market and the best way to deal with that is to make sure the interbank rate is sufficiently priced and there is always sufficient foreign currency.</p>
<p>The only way we can control those kinds of markets where there is a parallel market is when the central bank had control of all the foreign currency in the system.</p>
<p>As things stand, we don’t have control of all the foreign currency in the system.</p>
<p>A lot of it is outside our powers or purview and we have no way of knowing where it ends.</p></blockquote>
<p>The RBZ chief denied claims that the central bank sells money to the public. He also absolved commercial banks and demanded evidence of misbehaviour by the banks.</p>
<p>The country has been experiencing an acute shortage of cash for the past three years. However, new notes are readily available on the streets while bank vaults are empty.</p>
<h4><strong>More: <a href="https://www.herald.co.zw/end-of-tobacco-season-drives-exchange-rate-up-says-rbz/" rel="noopener noreferrer" target="_blank">The Herald</a></strong></h4>


RBZ Demands Control Over All Forex In The System

<p>Former Minister of Finance, Tendai Biti claims that the Zimbabwean economy has resisted de-dollarisation through Statutory Instrument 142/2019.</p>
<p>Biti asserted that transactions are openly being done using foreign currency even by government ministers, permanent secretaries and bureaucrats. He said:</p>
<blockquote><p>The attempt to de-dollarise the economy through SI 142/2019 like everything else down by this illegitimate regime is a blatant failure that the economy has resisted.</p>
<p>Transactions are openly in US dollars and if not the local price is bank rated so prices have shot up with no taxes being paid.</p>
<p>At a very popular liquor outlet in Newlands, Harare East, government ministers, permanent secretaries and bureaucrats are openly purchasing large quantities of alcohol in US$. The hypocrisy escapes me!</p></blockquote>


Govt Ministers, Permanent Secretaries, Bureaucrats Openly Using US Dollars - Biti

<p>The Reserve Bank of Zimbabwe (RBZ) has said that the current foreign currency retention levels on gold export proceeds will be maintained.</p>
<p>This was said by RBZ deputy director, Gertrude Machingura last week at the small-scale miners’ conference organised by the Zimbabwe Miners’ Federation during Mine Entra in Bulawayo.</p>
<p>Machingura was representing Central Bank Governor John Mangudya. She declared that the foreign currency retention scheme was necessitated by the need to secure critical imports.<span class="Apple-converted-space"> She said</span>:</p>
<blockquote><p>It’s not every sector in the economy that produces foreign exchange. We only get this foreign exchange as we export so the retention thresholds at 55 per cent to the producers and 45 per cent to the Reserve Bank shall continue to apply.</p>
<p>… For instance, Zesa imports need this foreign currency so we need to surrender something. It’s not peculiar to our country to have exporters surrendering a portion of their export earnings because we all have to work together for the good of our country.</p></blockquote>
<p>Machingura said that the retention levels may fall in future if foreign currency inflows improve.</p>
<h4><strong>More: <a href="https://www.chronicle.co.zw/forex-retention-to-stay-rbz/" rel="noopener noreferrer" target="_blank">Chronicle</a></strong></h4>


Forex Retention Thresholds To Be Maintained - RBZ

<p>The Zimbabwe Electricity Supply Authority (ZESA) said that it will engage the government in a bid to generate its own foreign currency from exporters so that it can import power.</p>
<p>ZESA acting chief executive, Patrick Chivaura said that the promulgation of Statutory Instrument 142/19 clashed with the power utility’s plans.</p>
<p>Addressing the Daily News Breakfast Meeting on Monday, Chivaura said:</p>
<blockquote><p>I have had a clash with Statutory Instrument (SI) 142 because just recently we were told at a strategy workshop by our permanent secretary that there is no foreign currency for ZESA at the Reserve Bank of Zimbabwe.</p>
<p>We were then urged to devise ways to raise our own foreign currency and embarked on that exercise by sourcing for support from exporters to provide us with the foreign currency.</p>
<p>While the exercise was underway with many exporters expressing their commitment to avail the foreign currency which we were going to use to import more electricity, the SI came and banned multi-currency use.</p>
<p>However, it is not the end as we still hope to engage authorities over the matter.</p></blockquote>
<h4><strong>More: <a href="https://www.newzimbabwe.com/zesa-to-seek-govt-nod-to-bill-exporters-in-forex/" rel="noopener noreferrer" target="_blank">New Zimbabwe</a></strong></h4>


Scrapping Of Multi-currency Regime Threw ZESA Plans Into Disarray

<p>Non-governmental organisations (NGOs) operating in the country have been banned from giving aid to beneficiaries, most of whom are in the rural areas, in the form of foreign currency.</p>
<p>The move is in line with the recently gazetted Statutory Instrument 142 of 2019 which banned the use of foreign currency in domestic transactions.</p>
<p>The NGOs have been directed to convert the hard currency to the Zimbabwe Dollar if they intend to give out cash to locals.</p>
<p>This was revealed by the Local Government, Public Works and National Housing Minister Cde July Moyo in an interview with State media. Said Moyo:</p>
<blockquote><p>As you are aware I am the chairperson of the inter-Cabinet Committee that deals with disaster and climate change, recently we had a meeting with World Bank and United Nations representatives as well as embassies.</p>
<p>The Minister of Finance (and Economic Development, Professor Mthuli Ncube) was there, the Minister of Public Service (Labour and Social Welfare Dr Sekai Nzenza) was there as well as other ministries.</p>
<p>We discussed how best we can get help as a country. We told them that non-governmental organisations should stop giving beneficiaries US dollars or any other foreign currency.</p>
<p>If they so wish to give them money, they should give them local currency.</p>
<p>The argument was we have removed the multi-currency regime and restricted domestic transactions to local currency and most people in rural areas to which most of the aid goes will not be able to use the money.</p></blockquote>
<h4><strong>More: <a href="https://www.sundaynews.co.zw/ngos-barred-from-disbursing-forex/" rel="noopener noreferrer" target="_blank">Sunday News</a></strong></h4>


NGOs Banned From Giving Villagers Foreign Currency

<p>The Zimbabwe Republic Police (ZRP) has warned traders who are charging for goods and services in foreign currency that the law will be applied without fear and favour.</p>
<p>This follows the banning of the multi-currency system in domestic transactions through Statutory Instrument 142/2019.</p>
<p>National police spokesperson Assistant Commissioner Paul Nyathi said in a statement:</p>
<blockquote><p>In the same vein, supermarkets and shops are implored to display commodity prices in order to allow members of the public to access goods and services in an environment which gives them room to plan, coordinate and buy the items freely without any form of manipulation by unscrupulous dealers.</p>
<p>The ZRP warns all those who are charging commodities in United States dollars that they risk being arrested as the law will be applied without fear or favour.</p>
<p>Members of the public should report such people to any nearest police station or the National Complaints Desk on telephone numbers 0242-703631 or WhatsApp number 0712800197.</p></blockquote>
<h4><strong>More: <a href="https://www.herald.co.zw/just-in-zrp-warns-traders-on-us-prices/" rel="noopener noreferrer" target="_blank">The Herald</a></strong></h4>


Police To Arrest Traders Pricing Commodities In Foreign Currency

<p>The Reserve Bank of Zimbabwe (RBZ) has moved to clarify some of the issues raised in the recently-promulgated Statutory Instrument 142 which scrapped the use of multi-currencies in domestic transactions.</p>
<p>Posting on its official Twitter account, the Central Bank said;</p>
<blockquote><p>An exporting entity that wishes to pay salaries in foreign currency from their export receipts, will need to seek prior Exchange Control approval.</p>
<p>The salaries are payable into the individual foreign currency accounts, which are treated as free funds.</p>
<p>Payment of salaries in foreign currency: Under the newly announced policy measures, salaries for NGOs remain payable in foreign exchange where funding for such NGOs, International Organisations, is from offshore.</p>
<p>In cases where the holders of such funds intend to settle domestic transactions, the funds shall be liquidated at the prevailing interbank market to facilitate payments in ZWL, which is now the legal tender.</p>
<p>All the other funds remain available to holders of such accounts and the balances can be utilised for purposes of settling international transactions.</p>
<p>Operation of Nostro Accounts: Funds currently held in all Nostro accounts will not be subjected to any involuntary liquidations, except in the case of FCA Exports, which are subject to the 30-day liquidation period.</p></blockquote>


FULL THREAD: RBZ Statement On Payment Of Salaries In Forex From Export Receipts

<p>MDC president Nelson Chamisa said that Zimbabwe is awash with the foreign currency which is adequate to meet the country’s needs.</p>
<p>Chamisa opined that the problem is that the forex is not in banks but is kept in the homes of the affluent who are afraid of losing it in banks.</p>
<p>Speaking to journalists in Harare on Sunday, Chamisa said:</p>
<blockquote><p>I know the question is where will you get the US$? The US$ is here in the country, nobody is going to put their money in a hole.</p>
<p>The biggest hole is the government, so they don’t want to invest in banks because they know there is no confidence.</p>
<p>If you go to houses, particularly in those other suburbs, you will have the banks of Scotland, the bank of India, all sorts of currencies, but the people will never deposit them in the banking system because there is no confidence.</p>
<p>The cash crisis is a political crisis, so you cannot resolve this so-called cash crisis without resolving the fundamental governance issues and politics is the issue.</p>
<p>(Former United States) President Bill Clinton once said it is politics stupid and in our situation, it is the politics, stupid. What does it mean? Let’s resolve the politics and we will be able to unlock the economy.</p></blockquote>
<p>Chamisa chided Finance Mthuli Mcube for reporting a false surplus based on fake currency. He said:</p>
<blockquote><p>You can’t have this fake currency and you want to report false surplus which, in real terms, is not there. So we need to deal with that issue; and if we are in government, we will deal with it.</p></blockquote>
<p>President Emmerson Mnangagwa and his Finance Minister have promised a new currency in Zimbabwe in the near future.</p>
<p>However, market watchers believe that without political reforms, the new currency will suffer the same fate as the Zimbabwe Dollar, Travellers’ Cheque, Bearer Cheque and Bond Note.</p>
<h4><strong>More: <a href="https://www.newsday.co.zw/2019/06/zim-has-enough-forex-chamisa/" rel="noopener noreferrer" target="_blank">NewsDay</a></strong></h4>


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