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Banks have urged the Government to strike a balance in liquidity management saying the current squeeze is negatively affecting companies that buy foreign currency through banks.
At the forex auction conducted on Tuesday, 04 July, foreign currency bidders only accessed just above USUS$500 000 from the benchmark of US$5 million per week.
Speaking in an interview with <a href="https://businesstimes.co.zw/banks-in-liquidity-balance-push/">Business Times</a>, Bankers Association of Zimbabwe (BAZ) chief executive officer Fanwell Mutogo said that financial institutions have run dry. Said Mutogo:
<blockquote>
Liquidity management is essential, but the challenge is to find a balance to keep the economy running.
Yes, we can confirm that ZWL$ liquidity is tight at the moment, however, banks buy forex based on clients’ demands and what it means is that the tight liquidity situation is also affecting companies that buy forex through banks.
We understand the government’s position as regards the liquidity measures which have been implemented given what was happening in the economy, however, we believe the current tight liquidity situation is an unintended consequence of the measures.
</blockquote>
The Confederation of Zimbabwe Industries (CZI) in its latest report, said that the liquidy squeeze will have the unintended consequence of entrenching dollarisation. CZI said:
<blockquote>
This [tight liquidity] is expected to foster demand for the local currency and is in line with the calls from CZI over the years for the need to balance between supply-side and demand-side measures.
Although currently the ZWL$ has been mopped out to leave industry starved of the ZWL$, it is expected that the authorities will take this as a way to have an idea about the actual ZWL$ levels that are optimal for the market.
Excess ZWL$ will cause an exchange rate depreciation while a market starved of ZWL$ might also entrench dollarisation and retard growth. It is expected that the authorities will work out an optimal balance soon.
</blockquote>
However, authorities have vowed to maintain the recently announced tight monetary and fiscal measures that have starved the market of Zimbabwe dollars.
The measures have resulted in the Zimbabwe dollar gaining ground against the United States dollar in the past three weeks.
Economists have cast doubt on the longevity of the stability and described it as “artificial”.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Banks Urge Govt To Restore Liquidity Balance

Former Chivi South MP, Killer Zivhu (ZANU PF) has claimed that villagers now prefer barter trade than accept payment for their products in Zimbabwe Dollars.
Zivhu, who was expelled from ZANU PF after he called for dialogue between President Emmerson Mnangagwa and CCC leader Nelson Chamisa, also said touts now measure the local currency in kilogrammes. He said:
<blockquote>
Manga muchiziva here kuti kumamisha, vava kuti marara RTGs, hanzi noumwe Hwindi chingopekai Bond muma 1kg, kombi yava kuita 1kg bond, mumwe muchembere hanzi zviri nani, kundipa 2kg ye sugar ndokupa mugomo we mbambaira, mari inorambiwa chero ne benzi hanzi haitengi. (Did you know that villagers are now saying the Zimbabwe Dollar is now rubbish? One kombi tout said pack ZimDollar notes in 1kg packs because a ride now costs a kilogramme of Zimbabwe dollars. An elderly woman said it is better to give her a 2kg packet of sugar for her bucket of sweet potatoes. Imagine, a currency that even a madman rejects!
</blockquote>
Some manufacturers are reportedly refusing payment in Zimbabwe dollars for some products which are now exclusively available in foreign currency.
The Zimbabwe dollar has been in free-fall over the past few months after the Government tweaked the forex auction system.
Last week, the RBZ set the official exchange rate at US$1: ZW$5 900 while the street rate was hovering at US$1: ZW$9 000.
However, some large retailers were using at least US$1: ZW$10 000 for selected products.
Popular fast-food outlets were rejecting the local currency on the pretext that their point-of-sale machines were not working and therefore could not accept swipe and EcoCash payments.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Even Madmen Now Rejecting Zimbabwe Dollar - Zivhu

The Medical Aid Society of Central Africa (MASCA) has discontinued direct payments to Pharmacies for its members with Zimbabwean Dollar Schemes.
In a communique to members, MASCA said this move was necessitated by the prevailing economic environment and a need to ensure the sustainability of its services. <a href="https://healthtimes.co.zw/2023/06/18/leading-medical-aid-discontinues-zimdollar-payments/">Said MASCA</a>:
<blockquote>
Due to the persistently high volatility of the ZWL exchange rate, we regret to inform you that we will be discontinuing the direct Zimbabwe dollar payments to pharmacies for drug claims effective 15 June 2023 till further notice.
This decision has been made after careful consideration of the current economic circumstances and to ensure the sustainability of our services.
This change affects members on the Zimbabwe dollar schemes (international and local range of ZWL schemes) and members who moved to the United States dollar (USD) schemes who are still on USD waiting periods as applicable.
As a result, you will be required to settle your drug claims in cash at the respective pharmacies.
Thereafter, you can submit your claims to MASCA for processing as refunds payable by the Society in Zimbabwe dollars, based on rates applicable at the time of treatment.
While this development may be disappointing, we want to assure you that we remain committed to providing the best possible support to our members.
As a result, we have taken measures to facilitate the refund process for any pending or future drug claims.
To initiate a refund, we kindly request you to follow the following steps: Supporting documents: Please ensure you have the relevant receipts, prescriptions, and any other supporting documents for the drug expenses incurred. These will need to be attached to the claim form to be submitted to MASCA for processing.
Complete the claim form: Fill in all the required fields on the claim form accurately and provide the necessary details to ensure the smooth processing of your refund.
Alternatively, you can ask the pharmacy dispensing the requested drugs to print a claim form for you, that you can submit with supporting documents described as per point 1 above.
Submit your claim form: Once you have completed the drug claim form, please submit it to our designated email address claimforms@masca.co.zw or drugs@masca.co.zw or visit our offices and drop it off at our claims department.
We understand that the discontinuation of direct payments to pharmacies for drug claims may cause inconvenience, and we sincerely apologise for any difficulties this may cause you.
If you need further information or clarity on how to proceed, please contact our drugs department on any of the following numbers: We will continue to monitor the economic situation closely and explore options that maintain/enhance the acceptability of direct payments by medical service providers.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Top Medical Aid Discontinues Zimbabwe Dollar Payments

The Government has rejected calls by the opposition to pay farmers for their produce exclusively in United States dollars.
Speaking during a Question and Answer session on Wednesday, Kuwadzana East MP Chalton Hwende (CCC) asked the Government to consider paying farmers in USD to enable them to buy inputs for next season. <a href="https://www.newsday.co.zw/local-news/article/200011744/dump-the-failed-zimdollar-mps">Said Hwende</a>:
<blockquote>
The RTGS will not enable these farmers to buy inputs for the next cropping season.
Why is the government not considering paying them in United States dollars for all their produce just like what is being done beyond the borders?
Right now, the government is paying farmers RTGS and expects them to go to shops where prices are being inflated.
</blockquote>
In response, Justice, Parliamentary and Legal Affairs Minister Ziyambi Ziyambi, who is also the leader of Government business in Parliament, said the Government will not abandon the Zimbabwe dollar. He said:
<blockquote>
Honourable Hwende is in other words encouraging government not to pay in RTGS (Real Time Gross Settlement), but in US dollars. The truth is that we cannot stop paying farmers in RTGS.
We cannot, therefore, say we are no longer paying in RTGS. We cannot dump the RTGS because it has lost value and we adopt another currency.
That is not possible. We have to promote our own currency if we want to control our own economy.
We can only put measures to control and stabilise the inflation rate on the parallel market.
If you look at all the countries around the world, Zambia for example, has once done it, but eventually moved away from that decision and opted for its own currency, the Kwacha.
</blockquote>
Last month, the Government announced that grain farmers will be paid at US$368 per metric tonne.
US$200 will be in foreign currency and the remaining US$168 in Zimbabwe dollars at the interbank rate.
When the local currency was reintroduced in June 2019, it was trading at 1:1 with the US dollar but has since fallen to $1 407 on the official auction market and more than $3 000 on the black market.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Govt Rejects Legislators' Call To Pay Farmers Exclusively In US Dollars

The United States dollar has replaced the Zimbabwean dollar as the most-used currency in the southern African nation for a second time.
According to a <a href="https://www.bnnbloomberg.ca/us-dollars-dethrone-zimbabwe-s-currency-for-second-time-1.1905097">Bloomberg</a> report, US dollars were utilised for 77% of transactions this year, surpassing the proportion that was conducted in the local currency for the first time since it was reissued in June 2019.
Zimbabwe abandoned its own currency in 2009 and replaced it with the US dollar and other foreign currencies after hyperinflation had rendered it worthless.
The local currency was reintroduced in 2019 in an attempt to revive the stagnating economy.
The Zimbabwean dollar has depreciated 91% against the US dollar in the last two years to trade at 944 at the official rate and about 1 600 on the parallel market.
Local businesses now charge in greenbacks for everything from food, and fuel to medicines.
Cement maker PPC Ltd.’s local unit said in its latest financial statement, that 79% of sales were in US dollars.
Speaking to Bloomberg, Gift Mugano, an economics professor at the Durban University of Technology, said:
<blockquote>
Passports are paid for in dollars, some taxes in foreign currency, fuel is in dollars and you can also pay toll gates in dollars.
</blockquote>
Prosper Chitambara, a Harare-based economist, said “the economy for all intents and purposes is largely dollarized”.
The surge in dollar usage in Zimbabwe comes as China has made the internationalization of the yuan a top priority.
Countries including Russia, India and Saudi Arabia have sought to include non-dollar payments in their financial systems to reduce their dependence on the US.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

US Dollar Replaces Zimbabwe Dollar For A Second Time

Police have confirmed the arrest of two Salvation Army Church pastors in Kadoma for tearing $50 Zimbabwe dollar banknotes during a church service.
In a post on the Zimbabwe Republic Police (ZRP) Twitter page, police said Felix Tengemhare (62) a Major in the church, and his wife Benina Tengemhare, who is a Captain, tore nineteen (19) ZWL$50 during the service leading to their arrest. Police said:
<blockquote>
Police in Kadoma have arrested the head and Major of Salvation Army in Rimuka, Felix Tengemhare (62) and his wife, Benina Tengemhare, who is a Captain in the church, for tearing nineteen ZWL$50 notes during a church service on 08/01/23.
</blockquote>
Police, however, have not revealed why the clerics ripped the banknotes in church.
According to Section 42 of the Reserve Bank Act Chapter 22:15, “Any person who… wilfully defaces, soils or damages any banknote or writes or places any drawing thereon or attaches thereto anything in the nature of an advertisement… shall be guilty of an offence…”.
Anyone found guilty is liable to imprisonment for a period not exceeding seven years.

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