Industry Warns Govt Against Partial Re-dollarisation

The Confederation of Zimbabwe Industries (CZI), has demanded that the government shows commitment to the mono-currency regime and do away with the current scenario whereby some entities are allowed to trade in foreign currency.

In its submissions ahead of the 2020 National Budget presentation set for next week, CZI warned the government that  “partial redollarisation” saps confidence in the markets. It said:

All government departments and agencies should demonstrate a commitment to the mono currency regime by levying all statutory obligations in ZWL.

Government is widening the deficit in accountability, confidence and trust by allowing its agencies to go into a re-dollarisation mode.

This includes RBZ, ZIMRA, ZEDTC who are honouring their obligations as well as charging some fees and taxes in US$, instead of RTGS dollar.

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While charging for goods and services has been criminalised since the re-introduction of the Zimbabwe dollar in Jube this year, the government has allowed some businesses and entities to trade in foreign currency.

More: Business Times