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SAP Support Analyst (F1) – ICT: LEVEL 9 (Harare)

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Staff Development Fellow: Department of Veterinary Pathobiology x4 (Harare)

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Team Leader (Mutare)

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Deputy Minister of Finance, Economic Development, and Investment Promotion, David Kudakwashe Mnangagwa, has addressed growing concerns over the sudden surge in Zimbabwe’s exchange rate.
In a statement issued this Thursday, March 28, Mnangagwa said the delay in releasing the monetary policy statement (MPS) has fuelled anxiety and curiosity among citizens.
Mnangagwa said Zimbabweans who hold the local currency should avoid hedging against it to protect themselves from potential losses adding that the government remains committed to maintaining currency stability. Reads the statement:
<blockquote>
We have been receiving enquiries about the surge in the exchange rate, which right now can be attributed to the anxiety and anticipation of the upcoming Monetary Policy Statement which is around the corner.
If I were to irresponsibly give unsolicited advice, I would urge Zimbabweans with their hard-earned ZWL not to hedge against it.
Government is committed to ensuring that there will be no loss of value through the introduction of currency stabilisation measures.
</blockquote>
Examples of currency hedging include currency forward contracts, which are straightforward agreements to exchange a specific amount of one currency for another at a predetermined exchange rate on a future date.
Critics say the Zimbabwean economy is akin to an aeroplane on autopilot — nobody knows where it is headed or where it will land.
The southern African country is grappling with hyperinflation, currency instability, company closures, job losses, and power shortages, among a myriad of other challenges.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Govt Committed To Saving Zimbabwe Dollar, Says Kuda Mnangagwa

The Zimbabwean Government is getting ready to make changes to their currency again, according to President Emmerson Mnangagwa. He informed the Cabinet today, on February 6th, 2024.
The value of the Zimbabwean dollar (Zimdollar) has dropped by more than 90% compared to last year. As a result, the United States dollar (USD) is now used in more than 80% of transactions because people have lost faith in the ZWL.
Zimbabwe’s inflation rate continues to rise, and <a href="https://www.pindula.co.zw/2024/01/17/zimbabwe-has-the-weakest-currency-and-highest-inflation-in-the-world-professor-hanke/">its currency is considered the weakest in the world</a>. The inflation rate for December 2023 increased to <a href="https://www.pindula.co.zw/2023/12/29/zimbabwe-experienced-a-sharp-increase-in-food-inflation-in-december/">4.7% month-on-month and 26.5% year-on-year.</a>
Mnangagwa mentioned that the currency reforms will involve implementing a “structured currency system.” The goal is to create stability in and promote the growth of both small-scale and large-scale economics. 
Watch the video below for more:
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The Zimbabwean dollar and economy have experienced a tumultuous history marked by severe devaluation and collapse over the years. After gaining independence from British rule in 1980, Zimbabwe enjoyed a period of relative economic stability with a strong Zimbabwean dollar. However, in the late 1990s and early 2000s, the country faced a severe economic downturn. Mismanagement, corruption, and controversial land reforms led to hyperinflation, reaching astronomical levels of billions and trillions percent. The Zimbabwean dollar rapidly lost its value, causing economic hardships for the people.
To combat hyperinflation, the government introduced various measures, including the adoption of foreign currencies such as the United States dollar and South African rand – the multicurrency regime. In 2009, the Zimbabwean dollar was officially abandoned, and foreign currencies became the primary means of exchange. In 2016, the Reserve Bank of Zimbabwe introduced bond notes, a form of surrogate currency, as a response to a shortage of foreign currencies. However, this led to concerns about the potential for another round of hyperinflation.
In 2019, the government reintroduced the Zimbabwean dollar as the sole legal tender. However, this move was accompanied by rapid devaluation, with the value of the currency plummeting against major foreign currencies. The Zimbabwean dollar continues to face significant challenges, with high inflation rates and a lack of confidence in the currency. The collapse of the economy has resulted in widespread poverty, unemployment, and limited access to basic services. Several measures introduced by the government have so far failed to trigger the needed stability. Government critics including former Finance Minister Tendai Biti argue that the fiscal and financial policies introduced by the government are failing mainly because the masses do not have confidence in the ZANU PF government. As a result, the citizenry does not have confidence in the Zimbabwean dollar.
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<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

President Mnangagwa Says Currency Reforms Coming To Restore Economic Stability

A High Court judge has dismissed an application by a local pensioner, Duncan Hugh Cocksedge, who was seeking reimbursement of his US$179 541 by CABS.
<a href="https://www.zimlive.com/judge-dismisses-depositors-us179000-debt-claim-from-cabs/">ZimLive</a> reported that Cocksedge approached the courts for redress after his US$179 000 bank balance which was being held in a CABS account was wholly converted to local currency through the government’s Exchange Control Directive RT120/2018.
In his ruling, Justice Webster Chinamhora averred that it was not for the courts to change “political questions”.
The judge stated that the regulation of banking activities to achieve economic stability and protect the banking public was the prerogative of the Executive. He said:
<blockquote>
Put differently, how the government makes policies aimed to achieve monetary stability and incentivise the generation of foreign exchange in the national interest is a political question, best left to the politicians.
Courts in this jurisdiction are familiar with the political questions doctrine and how to deal with a case where this arises.
No basis exists, in my view, for not deferring to the minister who made the policy decision on behalf of the Executive.
</blockquote>
The judge also said Cocksedge had not shown his court that the deposit in his account was realised from offshore or foreign currency cash deposits. He added:
<blockquote>
The applicant has not shown that the provisions of the Exchange Control Directive RT120/2018 and the Finance (No.2) Act 2019 are not laws of general application.
As a result, I do not find any merit in the applicant’s argument and am inclined to dismiss his application.
</blockquote>
Cocksedge’s claim was for reimbursement of his US$179 541 by CABS.
In his alternative claim, Cocksedge said the conduct of the Reserve Bank of Zimbabwe (RBZ) and the Finance Minister was “unlawful, grossly unreasonable and irrational”.
He said the changes in law, effectively amount to unlawful and unconstitutional expropriation of value.
CABS did not dispute that Cocksedge had deposited US$179 541.45 before February 2023.
It said its banking services are regulated by RBZ adding that it had no disputes with the latter.
The central bank argued that Cocksedge had no right to challenge the provisions of the Exchange Control Directive.
It said CABS had acted according to the law and as such, Cocksedge could not try to impugn a lawful act.
The Minister of Finance Mthuli Ncube argued that the Exchange Control Directive does not take away Cocksedges rights.
In his application, Cocksedge had cited CABS as the first respondent and the Reserve Bank of Zimbabwe as the second respondent.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

High Court Judge Dismisses Depositor’s US$179 000 Debt Claim From CABS

Finance Minister, Professor Mthuli Ncube has expressed optimism over the economy saying that the necessary foundation for resuscitating the economy had already been put in place. He said that the government achieved a lot in one year also under restraining conditions. Watch the video below for more.
https://twitter.com/KMutisi/status/1190582639134171137
More: <a href="https://twitter.com/KMutisi/status/1190582639134171137">Kudzai Mtisi</a>

WATCH: "We've Done A Lot In One Year Under Restraining Conditions" - Finance Minister

MDC-T president Thokozani Khupe has commended the government for reintroducing the Zimbabwe Dollar and banning the use of foreign currency for domestic transactions.
In a statement through her spokesperson, Khalipani Phugeni on Wednesday, Khupe, however, expressed her worry that the measures could fail and spark citizen protests. She said:
<blockquote>The struggles of earning an income in RTGS, in a US$ economy is not an exclusive burden of teachers but indeed of all Zimbabweans.
In this regard, the government can be commended for having a listening ear and taking swift action in responding to the cries of our people.
Listening to Finance Minister (Mthuli) Ncube, one did not get the sense that there is a long term plan with a defined path to some end goal.
But for the sake of our country, the hope is one is wrong and indeed the Minister has ‘struck gold’ through this policy change and the raft of measures yet to be announced.
… The few locally produced products will skyrocket beyond the reach of ordinary folks and the mischief which this policy shift seeks to curb will come back with a vengeance, which will be fertile fodder for our youths to fill the streets in protest of the hardships.</blockquote>
The government on Monday promulgated Statutory Instrument (SI) 142 of 2019 which abolished the multi-currency regime as the economy was gradually dollarizing, a situation Harare authorities were not prepared to countenance.
The move has been met with relief by some citizens who have no access to foreign currency while opposition political parties believe that the policy paves the way to Armageddon.
<h4>More: <a href="https://www.newzimbabwe.com/khupe-throws-weight-behind-mnangagwas-currency-policy-but-warns-of-protests/" rel="noopener noreferrer" target="_blank">New Zimbabwe</a></h4>

Khupe Supports Zim Dollar Return, But Warns Of Chaos If It Fails

The Reserve Bank of Zimbabwe (RBZ) has dismissed former Finance Minister Tendai Biti’s claims Zimbabwe is set to introduce a new currency this week.
In a thread on Twitter, RBZ said the country will continue to use the multi-currency system. Said RBZ:
<blockquote>The Reserve Bank of Zimbabwe would like to urge members of the public to dismiss, with utmost contempt, claims being circulated on social media regarding the introduction of a new Zimbabwe currency. The country shall continue to use the multi-currency system. Members of the public should not be misled by such counterproductive fake news.</blockquote>
<hr/>
<h4>Related:</h4>
<ul>
<li>
<h3 class="entry-title"><a href="https://news.pindula.co.zw/2019/02/11/acie-lumumba-backs-bitis-new-zim-currency-claims-says-prepare-yourself/" rel="bookmark">Acie Lumumba Backs Biti’s New Zim Currency Claims, Says ‘Prepare Yourself’</a></h3>
</li>
<li>
<h3 class="entry-title"><a href="https://news.pindula.co.zw/2019/02/11/govt-dismisses-bitis-statement-that-a-new-currency-will-be-introduced-this-week/" rel="bookmark">Govt Dismisses Biti’s Statement That A New Currency Will Be Introduced This Week</a></h3>
</li>
<li>
<h3 class="entry-title"><a href="https://news.pindula.co.zw/2019/02/11/mthuli-ncube-corrects-biti-on-zim-dollar-reintroduction-says-we-are-not-ready-yet/" rel="bookmark">Mthuli Ncube ‘Corrects’ Biti On Zim Dollar Reintroduction, Says We Are Not Ready Yet</a></h3>
</li>
<li>
<h3 class="entry-title"><a href="https://news.pindula.co.zw/2019/02/11/biti-insists-new-currency-has-been-printed-says-govt-caught-with-pants-down-over-new-currency-reports/" rel="bookmark">Biti Insists New Currency Has Been Printed, Says Govt ‘Caught With Pants Down’ Over New Currency Reports</a></h3>
</li>
</ul>

RBZ Dismisses Tendai Biti's Claim Zimbabwe's New Currency Will Be Introduced This Week As 'Fake News'

Speaking to the Zimbabwe Broadcasting Corporation (ZBC) on Monday, Eddie Cross said Zimbabwe’s economy will be in a better situation by the end of March.
He however said the country’s return to stable market and trading conditions will be between June and July. He said the period of market and trading conditions will coincide with the introduction of Zimbabwe’s new currency. Said Cross:
<blockquote>We are going to be in a very different situation by the end of March. But I think we will see a return to stable market conditions and stable trading conditions about June or July and that will coincide with the introduction of a new currency by the Government. I think (the introduction of a new currency) is sensible. It will end the queues at the banks, it will give people access to their bank balances and it will allow us to issue a currency, which can be used for local trading but without the mistakes that we made in the past with the Zimbabwe dollar where the Governor of the Reserve Bank (of Zimbabwe Dr Gideon Gono) printed money to cover the fiscal deficit. In economic terms you can’t do that because if you do that you destroy the value of the currency.</blockquote>
More: <a href="https://www.herald.co.zw/economic-stability-by-june-cross/">Herald</a>

Zimbabwe Economy To Stabilise By June/July, Introduction Of New Currency Expected Then- Eddie Cross

In an interview with Bloomberg in Davos, Switzerland, Finance and Economic Development Minister Professor Mthuli Ncube revealed the steps Zimbabwe needs to take before the introduction of a new currency.
He said Government needs to cut expenditure as well as increasing compliance on the country`s revenue collection front before introducing a currency.Said Ncube:
<blockquote>A lot needs to be done for  that can happen (introduction of the Zimbabwean currency), which first of all is fiscal discipline, making sure that we bring the budget deficit into single digits and that runaway Government expenditure is curtailed. Also making sure that there is compliance on the revenue collection front that really deals with that in terms of fiscal discipline.  But also we need to build the micro-institutions for full monetary policy conduct in the sense of introducing a monetary policy committee, making sure that we put in place a framework for inflation targeting but also growth targeting in a way. Externally making sure we can begin to address our arrears in terms of what we owe to other nations, the Bretton institutions included… But fiscal discipline is key and if you noticed what has been happening since October 2018 the premiums in the parallel market have stabilised and this is because of fiscal discipline.</blockquote>
<hr/>
<h4>Related:</h4>
<ul>
<li>
<h3><a href="https://news.pindula.co.zw/2019/01/17/sa-finance-minister-tito-mboweni-calls-on-zim-to-introduce-new-currency-says-presidents-should-work-together-in-ending-sanctions/">SA Finance Minister Tito Mboweni Calls On Zim To Introduce New Currency, Says Presidents Should Work Together To End Sanctions</a></h3>
</li>
<li>
<h3><a href="https://news.pindula.co.zw/2019/01/14/not-the-right-time-to-re-introduce-local-currency-economic-analysts-warn-govt/">Not The Right Time To Re-Introduce Local Currency – Economic Analysts Warn Govt</a></h3>
</li>
<li>
<h3><a href="https://news.pindula.co.zw/2019/01/12/zimbabwe-to-introduce-own-currency-this-year-rand-or-us-dollar-not-solution-mthuli-ncube/">Zimbabwe To Introduce Own Currency This Year, Rand Or US Dollar Not Solution – Mthuli Ncube</a></h3>
</li>
</ul>
<hr/>
More: <a href="https://www.bloomberg.com/news/videos/2019-01-22/zimbabwe-s-finance-minister-to-ensure-fiscal-discipline-to-tame-inflation-video">Bloomberg</a>

Mthuli Ncube Reveals What Needs To Be Done Before Introduction Of Zimbabwean Currency

South Africa’s finance minister Tito Mboweni said on Wednesday that Zimbabwe should look at introducing a new currency to solve its economic and financial challenges.
Mboweni also called for presidents to intervene in ending sanctions in Zimbabwe. Mboweni said South African government representatives, including National Treasury director-general and the Reserve Bank governor, had met with their Zimbabwean counterparts on December 26 in Johannesburg. He said they had a conversation about the status of the Zimbabwean economy, the finance and banking systems, the attempts to reignite the economic health of Zimbabwe, adding that they reaffirmed their mutual commitment to working together to assist Zimbabwe. Said Mboweni:
<blockquote>I think the idea of using a new currency in Zimbabwe is a good one. I think our colleagues there are on a good wicket when it comes to that space. We are working together very well but at the end of the day it is Zimbabweans who need to fix their country. But something that is beyond my powers, presidents will have to work together to ensure that whatever remaining sanctions in Zimbabwe are removed. Those sanctions are causing big problems. Because if you want to go and do anything that involves the US dollar and you are under sanctions, political leadership hopefully will really do something to remove the sanctions. It is key and central to the revival of the Zimbabwean economy.</blockquote>
More: <a href="https://www.iol.co.za/news/politics/mboweni-wants-end-to-zimbabwe-sanctions-18837552">IOL</a>

SA Finance Minister Tito Mboweni Calls On Zim To Introduce New Currency, Says Presidents Should Work Together To End Sanctions

The Zanu-PF Youth League said it supported the introduction of own currency, saying authorities were doing everything to ensure it was a success.
Addressing a press conference at the Zanu-PF headquarters in Harare yesterday, Deputy Secretary for Youth Affairs Lewis Matutu said:
<blockquote>We are very happy about the announcement that was made by Finance and Economic Development Minister Professor Mthuli Ncube that very soon we will be having our own currency. It is something that is welcomed and everyone should work towards supporting this vision. The Government said in the next 12 months and as Youth League we feel it is something that should be supported. We cannot just wake up tomorrow and have our own currency, but we know that the leadership is planning something to make sure there is a smooth landing of the currency as we go forward.</blockquote>
More: <a href="https://www.herald.co.zw/local-currency-step-in-the-right-direction/">Herald</a>

Zanu-PF Youths Support Introduction Of Zimbabwe's Own Currency

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