Business Unit Manager x2 (Harare)

Vehicle Sales Consultant - JAC (Harare)

Vehicle Sales Consultant – DONG FENG (Harare)

Vehicle Sales Consultant – BAIC (Harare)

Spray Painter (Harare)

Motor Vehicle Panel Beater (Harare)

Team Leaders x7

Billing Supervisor (Harare)

Sales Representative (Harare)

Auto Electrician: Artisan (Chipinge)

Sales Representatives (Harare)

Director Human Resource (Mutare)

Assistant Batch Plant Operator (Harare)

Legal & Compliance Manager (Harare)

Processes Analyst (Harare)

Finance Manager Corporate (Harare)

Zimbabwean retailers are currently grappling with restocking locally produced goods due to currency-related challenges.
As reported by <a href="https://www.newsday.co.zw/local-news/article/200024355/shortages-loom-as-basics-disappear-from-shelves">NewsDay</a>, manufacturers and wholesalers are favouring transactions in United States dollars (USD), which has led to difficulties for retailers buying in the local currency.
The Zim dollar has experienced significant depreciation against the USD, prompting discussions about the potential full dollarization of the economy.
As a result, retailers have encountered prolonged periods without the supply of essential locally produced commodities. Critical shortages of items like sugar have been reported.
Speaking to NewsDay, Denford Mutashu, the president of the Confederation of Zimbabwe Retailers, said that the supply chain for basic commodities has become dollarized.
Mutashu said this situation has left retailers who buy in local currency facing difficulties in maintaining their stock levels. He said:
<blockquote>
The biggest challenge is the currency that one uses to source products at the procurement level.
Manufacturers do not want the local currency. Generally, the appetite for the US$ in the market is high.
The supply chain is 90% dollarised, and for the formal stores, it becomes very difficult because they are the only ones that are still selling to the customers in local currency.
So, with a huge local currency balance, running a retail business in this current environment is difficult.
Manufacturers also indicate that most of their suppliers for raw materials or services are demanding payment in US$ and that is why they demand US$ when they sell their products.
It’s a glitch that is happening. That is why most formal retail shops are failing to stock up. Those products are in the informal market.
</blockquote>
As of 14 March 2024, the Zim dollar was trading at 1:17 830 against the United States dollar at the interbank market and 1:18 500 in supermarkets, while it stood at 1:20 000 on the parallel market.
Meanwhile, Consumer Council of Zimbabwe (CCZ) director of corporate affairs Philemon Chereni said that prices of goods and services had gone down in US$ terms as operators were offering discounts to encourage foreign currency transactions.
Chereni said the cost of living for a low-income urban-earner family of six, as measured in USD, decreased by 1% from US$551.38 to US$544.71.
He said the stability of the basket’s overall cost is partially attributed to the discounts applied when paying in USD.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Manufacturers Do Not Want Zim Dollar, Supply Chain Is 90% Dollarised - Retailers

<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> has for the umpteenth time ruled out dollarisation arguing that Zimbabwe has no capacity to do so.
Addressing delegates attending the Chamber of Mines of Zimbabwe (CoMZ) annual conference in Victoria Falls on Thursday, Mangudya urged Zimbabweans to embrace the Zimbabwe dollar saying dollarisation was not only unattainable but would also have negative consequences. He said:
<blockquote>
Let’s be resolute to maintain that to go forward. The only country that we have is this country.
My message is that the country cannot sustain itself by using other people’s foreign currency.
So, you need to embrace your own. That’s what it means. That 30% should not drive the other 70%, they should co-exist properly without manipulation.
This year up to the 30th of April, 70% of the exports came from mining. So, you are consistently performing well.
The foreign currency belongs to the exporter because 75% of the money belongs to the export.
I have read that many people are confused that we can now dollarise because of these funds. These funds aren’t ours.
You can’t take it from Zimplats or Unki or Mimosa’s accounts and then we go and dollarise the economy.
We have no capacity to dollarise because the money in the banks is not ours.
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
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.
That’s what we use for auction, for reserves and for paying debts. That’s what it is.
</blockquote>
Some economists, trade unions and opposition political parties have been calling on authorities to dump the Zimbabwe dollar as most shops and service providers are demanding US dollars and using parallel rates for products pegged in the local currency.
Even Government departments and parastatals, such as the Zimbabwe National Roads Administration (ZINARA) and ZESA Holdings, constantly adjusts fees and tariffs to keep up with rising inflation.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Mangudya Says Zimbabwe Cannot Sustain Dollarisation

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya has reiterated that Zimbabwe will not fully dollarise, saying the country has limited foreign currency.
Mangudya revealed that 70 percent of deposits in the banking sector are in forex and also conceded that there is a huge appetite for foreign currency but said the economy cannot sustain full dollarisation. <a href="https://www.businessweekly.co.zw/rbz-unlikely-to-hike-rates-demands-market-discipline/">He said:</a>
<blockquote>
70 percent of deposits in the banking sector are in foreign currency and 30 percent in local currency. People in Zimbabwe who have Zim dollars always go to the parallel market (to buy foreign currency).
But we can’t dollarise, we cannot be competitive in a dollarised environment, we need to look at the national interests; this economy cannot sustain dollarisation, we have limited foreign currency; we leave from hand to mouth (in terms of forex).
We cannot sustain dollarisation, the rate at which US dollars go out is faster than the rate at which US dollars come in. If we dollarise aggregate demand will fall and companies will scale down and jobs will be lost.
</blockquote>
Mangudya said dollarisation will negatively impact growth. He said authorities sympathised with what people in Zimbabwe have gone through, especially the hyperinflationary periods that wiped out savings before dollarisation in 2009.
However, former Monetary Policy Committee (MPC) member Eddie Cross differed, arguing the prevailing exchange rate volatility was a result of “money printing” by the central bank, a claim Mangudya denied. Said Cross:
<blockquote>
The Reserve Bank is printing money. They are printing money to buy gold and to buy hard currency for a variety of reasons, including to service external obligations.
The Reserve Bank converts about 25 percent of exports earnings (local currency paid to exporters); they are earning about US$500 million a month now and 25 percent of that (surrendered) is US$125 million a month.
</blockquote>
The Permanent Secretary in the Ministry of Finance and Economic Development George Guvamatanga claimed the Treasury had not printed a single cent from the central bank since coming into office in 2017.
He added that the Treasury had also not used the central bank overdraft window but he, however, did not rule out the potential negative effect of the high velocity of the large payments to public contractors and suppliers to the Government on exchange rate volatility.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwean Economy Cannot Sustain Full Dollarisation - Mangudya

Vendors in Zimbabwe’s major cities and towns have taken over strategic points, including the verandas of large retail shops, to sell a variety of goods, including basic commodities in foreign currency. This chaos has emerged amid rumours that the vendors’ biggest suppliers are large retailers who are chasing the United States dollar, which is available on the parallel market.
Some retailers are reportedly refusing to transact in the local currency due to various excuses, such as malfunctioning point-of-sale machines.
Consumer Council of Zimbabwe (CCZ) executive director Rosemary Mpofu confirmed reports of the failing electronic payment system. She told <a href="https://www.newsday.co.zw/local-news/article/200011947/are-retailers-dumping-goods-on-the-streets">NewsDay</a>:
<blockquote>
CCZ of late has been receiving consumer complaints from the transacting public, among them retailers charging some products exclusively in US$ only, and rejection of the  Zimbabwean dollar, notably mobile transactions either by phone or swipe cards.
At times, consumers are advised that either the mobile network is poor or lack of connectivity, and non-functioning swipe machines in a bid to harness as much forex from consumers. We appeal to retailers practising such unethical practices to desist as such a move impacts on consumer spending, and limits rights to choice as we are using a dual currency system. The Zimbabwe dollar remains legal tender, that should not be rejected until such a time monetary authorities advise so.
</blockquote>
Denford Mutashu, the president of the Confederation of Zimbabwe Retailers, stated that some unscrupulous businesspeople are responsible for the recent price hikes, which are an attempt to sabotage the government before the general elections. Mutashu described the unwarranted price increases as unnecessary and uncalled for. He also noted that some retailers are deliberately withdrawing point-of-sale machines to reject payments in the local currency. Mutashu said:
<blockquote>
Our position is that retailers should continue accepting the local currency as legal tender. The situation right now is very normal as we are approaching elections. We have a situation where business has suddenly rejected the local currency. It’s difficult to understand the sudden overcharging of goods and services where the parallel market rate has shot up to US$1: $4 000 against the official exchange rate of US$1:$1 500.
</blockquote>
Over the weekend, several major shops and bars in Harare’s residential areas refused to allow consumers access to point-of-sale machines. Some large retail shops announced electronic payment system failures for customers transacting in the local currency via radio paging systems.
Zimbabwe has adopted a dual currency system in recent years, allowing for transactions in both the Zimbabwean dollar and the US dollar. However, the growing demand for the US dollar has raised concerns among industry leaders. Denford Mutashu warned that if left unchecked, this demand could lead to a full-time dollarization of the economy. To prevent this outcome, it is essential for all stakeholders to comply with currency laws, promote financial inclusivity, and protect consumer rights.
A Twitter account, purportedly belonging to President Emmerson Mnangagwa’s spokesperson George Charamba, has referred to the recent events as “false chaos.” The account accused manufacturers and large retailers of deliberately sabotaging the government. Read the Twitter posts:
<blockquote>
FALSE CHAOS: Behind this seeming chaos is the methodical BIG HAND OF BIG BUSINESSES!
They use forex cheaply got from the auction to retool, order raw materials, manufacture, and then redirect their output into the informal sector through their AGENTS. The net result is complete dollarisation they falsely claim hurts them; and evasion of taxes for the very government that nourishes them. #ThisMadnessMustBeStoppedNow!
</blockquote>
The Zimbabwean government has attempted to downplay the currency crisis, stating that it has engaged with the industry to control the soaring prices of basic commodities. In his weekly column for a state-owned newspaper, President Mnangagwa accused the business sector of betraying government efforts to stabilise the economy.
The Zimbabwe dollar has been rapidly losing value, and some supermarkets are pricing their goods exclusively in US dollars to avoid losses. Prices in local currency have been fluctuating daily, leading to panic buying by consumers.
<h2><a href="https://www.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwean Vendors Allegedly Sell Goods In Foreign Currency, With Help From Big Retailers

Zimbabwe Cross Border Traders Association (ZCBTA) president, Killer Zivhu, has said the Government should admit that the economy has self-dollarised as most service providers are now rejecting the Zimbabwe dollar.
Speaking to <a href="https://www.newsday.co.zw/local-news/article/200011832/economy-has-dollarised-cross-border-traders">NewsDay</a> on Friday, Zivhu claimed that even formal retail outlets such as supermarkets are now rejecting the local currency on the pretext that their swipe machines are now working. He said:
<blockquote>
If you go to the major supermarkets, they will tell you that their swipe machines are not working. Dollarisation has already taken place informally but formally people are just pretending that the big supermarkets are running away from the local currency.
</blockquote>
Commenting on the recent move by the Government to lift an import ban on basic grocery items, Zivhu said they have engaged various financial institutions for loans to enable cross-border traders to import stock for their businesses. He said:
<blockquote>
In the next three months, we will make sure that everything (pricing) has normalised.
We have requested more than US$100 million from financial instructions and they are willing to help us and our 3 million members across the country to import the basic goods.
We have put in place measures where there will be open markets which will be done in all our districts in the country so that those who are in rural areas can have access to order affordable products in their respective areas.
</blockquote>
Last week the Government removed duty on 11 selected imported basic grocery items and allowed shops and other Zimbabwean businesses to keep 100 percent of the foreign currency they get from sales.
The products that will be imported duty-free include maize meal, rice, milk, flour, sugar, salt, cooking oil, petroleum jelly, toothpaste, bath soap and washing powder.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Cross Border Traders Say The Economy Has Self-dollarised

A prominent industrialist has said competing regional manufacturers are fishing for United States dollars in the Zimbabwean market.
Charles Msipa, managing director of Schweppes Zimbabwe Limited (SZL), observed that the quick dollarisation of Zimbabwe’s economy will be accompanied by a surge in imports onto the local market.
Msipa was commenting on the proliferation of the <a href="https://www.pindula.co.zw/Mazoe_Orange_Crush">Mazoe Orange Crush</a> beverage imported from neighbouring Zambia, according to <a href="https://www.theindependent.co.zw/local-news/article/200006680/regional-industrialists-invade-zim-market-for-usd">The Independent</a>. Msipa said:
<blockquote>
Schweppes Zimbabwe Limited has adequate stocks of juice to meet the demand for local and export markets. As our economy dollarises, we will see an influx of imported consumer products from regional markets “fishing for US dollars in the Zimbabwe market.
This was the case from 2010-2016 and involved various consumer products from Zambia, Mozambique, Malawi and South Africa. As we dollarise, the local industry becomes less competitive with a US dollar cost base and products from markets with softer currencies become more competitive in our US dollar market.
</blockquote>
SZL is currently exporting 10% of their Mazoe cordial output to Botswana and South Africa.
During Zimbabwe’s first dollarisation spell which came in 2009, local retailers imported goods mostly from South Africa.
The government opened up for the importation of some goods duty-free as a way of improving access to affordable basic commodities arguing that the local industry was raising prices because it had no competition. 
This gave regional industrial enterprises the chance to enter the Zimbabwean market in search of the US dollar.
Industry analysts predict that industry capacity utilisation which is now at a 10-year high level of roughly 60% will further drop as a result of market liberalisation and the dollarisation of the economy.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

"Regional Companies Fishing For USD In The Zimbabwe Market" - Industrialist

Economic commentator Gift Mugano has predicted that Zimbabwe’s annual inflation will be 400% with the exchange rate likely hitting ZWL$1500: US$1 by June this year.
The Zimbabwe dollar is currently trading at ZWD$1.100 to the USD on the black market, <a href="https://www.newzimbabwe.com/annual-inflation-to-reach-400-while-exchange-rate-likely-to-hit-zw1500-by-june-says-economic-analyst/">reported NewZimbabwe.com.</a>
Year-on-year inflation was also the highest in the world at 255% in November last year.
Responding to claims by the Reserve Bank of Zimbabwe (RBZ) governor John Mangudya, that the country’s de-dollarisation was on course, Mugano said on the contrary, the central bank’s policies are driving dollarisation.
He argued that chronic inflation and the 200 percent interest rate are some of the main drivers of dollarisation. Said Mugano:
<blockquote>
I am still convinced that the following remains our economic outlook by June 2023; annual inflation of 400% and exchange rate ZW$1500/US$1.
… we have deepened dollarisation. The main drivers of dollarisation are chronic inflation, 200% interest rate, excess liquidity caused by Treasury and domestic export retention as well as high export retention.
With a 200% interest rate, businesses have switched to USD loans since it has virtually become impossible to pay back loans fourfold.
The 20% domestic export retention and 40% export retention compels RBZ to print ZWL in exchange for the 20% domestic deposits and 40 percent export receipts.
RBZ does not have a budget set aside for this. This drives up money supply. In August and September 2022, money supply rose by $708 bn excess liquidity driven by the treasury.
</blockquote>
Mugano noted that excessive liquidity driven by treasury is driving inflation and de-dollarisation cannot be achieved in such an environment. He said:
<blockquote>
Excessive liquidity driven by treasury – without going far, in December 2022, treasury irresponsibly made last-minute payments to Ministries and government departments’ requests thereby putting the rate into disarray.
</blockquote>
The Treasury could have staggered these payments during the course of the year.
<blockquote>
Inflation and de-dollarisation can only happen when the country attains single-digit inflation and exchange rates are stable.
This will cultivate a productive culture which is key to supporting the local currency. This is missing. We have chronic inflation and volatile exchange rates.
</blockquote>
To further prove his point that the economy is dollarising, Mugano pointed to the sudden decline of allotment from the RBZ’s auction system. He said:
<blockquote>
The auction system allotment is an interesting one. In 2022 imports surged to above US$ 8.2 billion (exceeding 2021 imports by US$1 billion) but the USD allotted to firms declined from US$42 million per week to US$11 million.
So imports are increasing but the forex given by the RBZ to firms to support imports is falling.
It tells you one thing, firms are now relying on their own generated forex from local sales to meet their import requirements.
This means that we have deepened dollarisation.
</blockquote>

Top Economist Predicts Sharp Rise In Inflation, Exchange Rates By June 2023

The Reserve Bank of Zimbabwe (RBZ)’s continued tight monetary stance which has largely squeezed out local currency risks full re-dollarisation of the economy, analysts have warned.
Several businesses are now preferring to transact in US dollars to protect their balance sheets, with even civil servants earning the bulk of their salaries in foreign currency.
Imara Capital Zimbabwe in its Zimbabwe Investment notes said authorities’ clampdown on Zimbabwe dollar payments has inadvertently accelerated dollarisation. It said:
<blockquote>
We have spent the past weeks speaking with many executives from both the private and the listed space.
Two large food manufacturers we met have seen their US dollar revenues rise from around 35 percent of sales earlier in 2022 to over 70 percent since August 2022.
Furthermore, the formal retailers have found it difficult to pay them so products have been directed to the US dollar cash economy and hence physical cash intake has risen.
</blockquote>
Last year, the RBZ introduced gold coins that are reported to have mopped up excess ZWL liquidity in the market.
It also introduced minimum lending rates of 200 percent and 100 percent for corporates and individuals respectively, among other measures that have curtailed credit expansion.
Economist, Eddie Cross, said restricting the availability of the Zimbabwe dollar “could force dollarisation”.
Another economic commentator, Gift Mugano, said the high interest rates of 200 percent means businesses would be paying three times the principal amount. He said:
<blockquote>
There is no business that makes such margins, which can guarantee that kind of return that will give a business the capacity to pay back.
</blockquote>
Mugano also said businesses have already taken positions to convert their ZWL loans into US dollar loans, and this will result in the creation of artificial US dollars. He said:
<blockquote>
What it does is, we have new risks arising from that such as competitiveness challenges, the creation of artificial US dollars because when these loans are restructured into US dollar loans and new notes are given out, banks are charging interest rates and bank charges.
</blockquote>
| <a href="https://www.businessweekly.co.zw/economy-risks-fast-track-re-dolarisation/">Business Weekly</a>

RBZ Measures May Accelerate Full Re-dollarisation

Finance and Economic Development Minister Mthuli Ncube says the government will not fully dollarise the economy but will maintain the current multi-currency regime.
This comes after Members of Parliament urged the government to dollarise, saying the Zimbabwe dollar had become too weak to the extent that it had made the budgetary process difficult.
Responding to legislators in the National Assembly last week, Ncube said:
<blockquote>
We have allowed the USD [United States dollars] and ZWD [Zimdollar] to circulate and be used freely.
So, anyone can pay in USD and receive USD. I would not even use the term dollarisation, both the ZWD and USD are our currencies as of now.
There is no issue of over-use of the USD or under-use of the ZWD. We are using both those currencies and that is a policy that we said we will maintain because of the peculiarity of our situation.
You will have noticed in the last few weeks or months perhaps that the gap between the official rate and the parallel rate has narrowed.
If you believe that the parallel rate is a freely floating rate that has narrowed the gap with the official rate, surely that tells you that the official rate is as close to freely floating as possible. That is what it tells you.
</blockquote>
Last week, the Zimbabwe dollar was trading at ZWL$950: US$1 on the parallel market from about ZWL$800: US$1 two weeks ago. | <a href="https://www.newsday.co.zw/local-news/article/200005258/we-are-broke-says-mthuli">NewsDay</a>

Mthuli Ncube Rules Out Full Dollarisation

The Confederation of Zimbabwe Industries (CZI) has said the current liquidity squeeze in the market has accelerated dollarisation as most transactions are now being done in United States dollars.
The Reserve Bank of Zimbabwe (RBZ) took measures to suck out liquidity in the market to curb inflation but that has caused a serious liquidity crunch in the economy, pushing banks and businesses to turn to the US dollar.
In its latest position paper, CZI said the country is moving closer to full dollarisation. It said:
<blockquote>
Foreign currency accounts (FCA) as a percentage of transferable deposits increased to 63% in July 2022 from 47% in January 2022.
This clearly shows that the US$ is becoming more dominant and Zimbabwe is moving closer and closer to full dollarisation.
</blockquote>
Economist Gift Mugano told Business Times that tight liquidity is pushing the local economy towards dollarisation, but added that the country has no capacity to fully dollarise. Mugano said:
<blockquote>
You are aware that before the increase of rates to 200% dollarisation was already in motion. With the central bank putting the interest rate at that level, you can only return the money if you are a thief, not a bona fide business person.
When we say we have dollarised we are saying we have a significant percentage that is being traded and we are not saying we have eliminated ZWL$.
The fact that we have not reached 100% dollarisation and the fact that we still face tight liquidity and subdued demand means that we don’t have the capacity as a country to fully dollarise.
We should see the demand increasing in US$ but when I talk to businesses they tell me that there is no upward increase in demand for sales in US$. The shares in US$ sales have increased but volumes of sales are not moving.
In as much as the US$ has the advantage of storing value and is the best currency for every economic agent but it has liquidity challenges on its own.
We are now in 2022 and our economy has grown to a US$20bn economy and things are now different from 2009 when our economy was very small.
</blockquote>
Mugano said despite being an attractive currency, the US dollar has its liquidity challenges, therefore there is a need to “save” the Zimbabwe dollar,
He said the local currency can be saved through increasing productivity in all sectors of the economy. | <a href="https://businesstimes.co.zw/zim-moves-closer-to-dollarisation/">Business Times</a>

Zimbabwe Moves Closer To Dollarisation - CZI

Zimbabwe has increased fees and further introduced US dollar payments for all services obtained within the country’s courts.
The new fees will now be payable in US dollars or in Zimbabwean dollars at the prevailing interbank rates, ZimLive reported citing the Ministry of Justice and Legal and Parliamentary Affairs.
The new charges are contained in the Magistrate Court (Civil) Statutory Instrument (SI) 196 of 2022 which replaces SI 222 of 2020.
As of Tuesday 15 November 2022, <a href="https://zero.pindula.co.zw/rbz-forex-auction-zimbabwe-dollar-official-rate-as-of-15-november-2022/">the inter-bank rate was pegged at ZWL$639.1003 for one US dollar.</a>
Fees Schedule:
<blockquote>
i). Marriage licences are now pegged at US$25 (ZWS$15 900) up from ZW$1 000.
ii). Summons or applications commencing now cost US$5 or ZW$3 180 up from ZW$300.
iii). The charge for a notice of appeal is now US$10 or ZW$6 360 an increase from ZW$500.
iv). Transcription of record and request for typed judgment per page is now pegged at US$1 or ZW$636 up from ZW$100.
v). Court record. If one requires to appeal a judgment at the High Court, a copy of the court record of the case must be provided. A record can be as long as 200 pages which needs US$200 or ZW$127 200.
vi). Liquor licence applications (Bulawayo and Harare districts) for temporary and late openings now cost US$350 or ZW$222 600 and US$500 or ZW$318 800 up from ZW$15 000 and ZW$20 000 respectively.
</blockquote>
The High Court SI 194 of 2022, Constitutional Court SI 199 of 2022, and the Labour Law SI 197 of 2022 have also outlined new charges in US dollars.
The government has been criticised for demanding foreign currency when it has been accusing the private sector of pegging prices in US dollars.
Recently, the Ministry of Transport announced that commercial vehicles at the Beitbridge border post are to<a href="https://zero.pindula.co.zw/toll-fees-at-beitbridge-border-post-now-payable-exclusively-in-us-and-south-african-rand/"> pay their fees in US dollars or South African Rands.</a>
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwe Hikes Fees, Introduces US Dollar Payments For Services Obtained In Courts

The opposition CCC says President Emmerson Mnangagwa’s use of Presidential Powers to legalise the hike in interest rates by 200% is unconstitutional.
Mnangagwa used the Act to promulgate Statutory Instrument 118A  of 2022 gazetted on Monday.
SI 118A/22 stipulates that the multiple currency regime will exist until December 2025 and sets a ZWL$20 million fine for retailers selling goods at exchange rates above 10% of the prevailing interbank rate.
CCC national spokesperson, Fadzayi Mahere, Presidential Powers (Temporary Measures) Act is unconstitutional. Said Mahere:
<blockquote>
In any event, a presser is not a law. These repeated illegal statements fertilise mistrust (and) the Presidential Powers (Temporary Measures) Act is unconstitutional as it offends section 134 of the Constitution.
They purport to use this law to ‘entrench’ (whatever that means) use of the US$ for five years, yet even that unconstitutional law only empowers the making of SIs that last for six months.
Strangely, they set interest rates at 200% yet under the common law, interest must never exceed 100% of the debt in terms of the common law in duplum rule which has not been repealed.
This is the poorly thought out, legally unsound approach they prefer to policymaking.
</blockquote>
CCC deputy president, Tendai Biti, who was the Finance Minister during the Government of National Unity (GNU) era, said:
<blockquote>
Presidential decrees are an authoritarian abuse of citizens and Parliament.
The re-legalisation of the US$ is an embarrassing acknowledgement of the failure of four years of vigorous pursuit of a de-dollarisation agenda that was never going to work.
</blockquote>
The Presidential Powers (Temporary Measures) Act allows a President to bypass Parliament and make laws.
<h4>More: <a href="https://www.newsday.co.zw/2022/07/ed-abusing-presidential-powers-2/">NewsDay</a></h4>

Mnangagwa Abusing Presidential Powers - CCC

Finance Minister and Economic Development Minister, Mthuli Ncube, on Wednesday, told parliamentarians that Zimbabwe will wipe out its banking sector completely if it adopts the US dollar as the sole currency.
Responding to a question in the National Assembly over the eroded salaries for civil servants and why the Government refused to dollarise, Ncube said dollarisation would be a bad idea and no finance minister worth his salt would do that. Ncube said:
<blockquote>
Let me… explain what will happen under US dollarization which is what happened during the Unity Government.
What happened is that there was deflation and deflation means that we had negative growth and that was totally undesirable.
We also had an increase in bad debts and that is why we ended up creating ZAMCO to clean up the problem that was created by the USD.
The competitiveness of our industry was basically shut down. We just became a nation of importers and we de-industrialised and that destroyed our industry which has only been resuscitated by the introduction of the Zimbabwe dollar during the Second Republic.
Madam Speaker Ma’am, do you not think that it was ironic that during the USD regime, we had no foreign currency?
We had no reserves. We could not even pay our foreign debts. We only began paying our foreign debts after introducing the Zimbabwe dollar. It has given us the leeway to do what we do.
What we did during the Unity Government, we could not fix our roads. We borrowed money from South Africa to do the Plumtree-Harare-Mutare Road.
This time around, we are not borrowing, we are using our own resources and that capability has been afforded by the introduction of our own domestic currency.
If you introduce the USD only, tomorrow you will wipe out the banking sector completely because you have to convert all those Zim dollar balances into USD.
You will wipe out the bank balances of companies. Is that what you want?
You will create a serious situation if you adopt the USD in this country. It is a very bad idea.
No Minister of Finance should want that because it means you are walking on one macroeconomic tool when the toolbox is incomplete.
You only have a fiscal policy but no monetary policy. So, it is a bad idea.
</blockquote>
<h4>More: <a href="https://insiderzim.com/this-is-what-will-happen-if-zimbabwe-dollarises-mthuli-ncube/">The Insider</a></h4>

No Finance Minister Would Push For Dollarisation - Mthuli Ncube

Finance and Economic Development Minister, Mthuli Ncube, said that it would be economically suicidal if Zimbabwe adopts the United States dollar as the only currency.
Ncube argued that full dollarisation will result in the destruction of the banking sector and local industry will no longer be competitive, among other other things. Said Ncube:
<blockquote>
This is what will happen on day one if you adopt the United States dollar as the only currency, something nasty is going to happen.
Four things as a minimum will happen. You will wipe out the entire banking sector.
Because you need to convert their Zimbabwe dollar balances into US dollars, banks will have negative balances. You will have a crisis; you will have no banking sector.
Secondly, very quickly you will have a cash crisis because you cannot print US dollars and there will be a divisibility problem; the small denomination notes will be in short supply and you will start to have cash queues in the banking sector.
The advantage of having a domestic currency circulating with the US dollar is we will have to manage the cash crisis. We have been through this before.
If you remember we had to create something called the bond notes but that was before I arrived, in order to deal with some of the cash crisis.
Also, you will do away with the monetary policy. You need both fiscal and monetary policy or you will be walking with one leg.
So something nasty will happen if you just use the United States dollar.
</blockquote>
Ncube said the manufacturing sector will lose its competitiveness if the domestic currency is done away with and the country will be inundated with imports.
On constant fuel price increases, Ncube said the price of petrol would be much higher if the country was not blending with ethanol.
<h4>More: <a href="https://www.herald.co.zw/us90-per-tonne-incentive-for-grain-delivery/">The Herald</a></h4>

Something Nasty Will Happen If Zimbabwe Fully Dollarises, Says Mthuli

Reserve Bank of Zimbabwe (RBZ) Governor, John Mangudya, said that Zimbabweans should accept the partial dollarisation that is in place and stop fantasizing about the full dollarisation of the economy.
Speaking on Friday during discussions at the Chamber of Mines of Zimbabwe annual conference in Victoria Falls, which ends this Saturday, Mangudya said:
<blockquote>
As Zimbabwe, we are on our own and we cannot go the full dollarisation route.
If you were dreaming of full dollarisation in Zimbabwe, that must stop.
Let us stop speculative attacks on our currency.
People who engage in speculative attacks on our currency are the same as witches.
</blockquote>
Mangudya criticised Zimbabweans for their negativity over the challenges facing the country, saying all countries in the world are facing similar problems.
He said people should unite in defending the Zimbabwe dollar as the fight against inflation is not for the RBZ alone. Said Mangudya:
<blockquote>
The power of negativity is weighing down positivity. We need to be positive. As long as I live, I am positive.
I thank the Lord for the gift of life. Why are we destroying our economy?
We want to tame inflation, but it is not an RBZ issue alone, it is not a Government issue alone, it is everyone’s task.
Let’s defend our currency, we don’t want the power of inflation to devour us.
Who are these people that are pushing up inflation either at night or in the morning?
We are still looking for them and we have suspended some companies from borrowing from banks because they were engaging in speculative borrowing.
</blockquote>
<h4>More: <a href="https://www.herald.co.zw/full-dollarisation-will-never-happen-rbz/">The Herald</a></h4>

Full Dollarisation Will Never Happen - Mangudya

Reserve Bank of Zimbabwe (RBZ) Governor, John Mangudya, said that the Financial Intelligence Unit (FIU) is investigating individuals and companies who are putting money on the black market resulting in the depreciation of the local currency, the Zimbabwe Dollar.
He made the remarks while delivering a public lecture at Manicaland State University of Applied Sciences last Friday. Said Mangudya:
<blockquote>
Money is the root cause of all evil. Exchange rates are being manipulated because people have money.
That is why the exchange rate rapidly moves from US$1:ZWL200 to US$1:ZWL300 and then to US$1:ZWL400 within a short space of time.
Each day I try to figure out where the money doing rounds on the parallel market is coming from and we now know what is happening.
That is why we had to temporarily stop banks from lending money.
We wanted to see the real culprits pouring money into the parallel market. We monitor the banks to ensure that they have the right systems.
Although the real people who put money on the parallel market are not easy to dictate as they use third parties to do so, our Financial Intelligence Unit is working day and night to flash out these culprits.
Very soon we will expose all their activities and bring them to book.
Our country has a lot of people with delinquent behaviour and I have been wondering where this is coming from and have concluded that our past experiences are now shaping people’s behaviour.
But then we can’t continue living in the past. Let us move forward and build our economy.
</blockquote>
Mangudya said the suspension of duty on selected basic grocery items is to ensure the availability of the products at affordable prices. He said:
<blockquote>
Opening the borders ensures competition in the market.
Local retailers were increasing prices willy-nilly and we decided to open the borders to ensure the availability of the products and price stability.
If we have more goods on the market, there will be price stability.
</blockquote>
The central bank governor also said rising inflation was partly caused by global events as well as drought during the 2021/22 season. He said:
<blockquote>
Inflation is going up in every country and Zimbabwe cannot go against the grain. The growth of this economy is related to drought or weather patterns.
When there is drought, the economy goes down, when we receive good rains, the economy goes up.
We expect people to grow more wheat this year so that the economy can continue to grow.
</blockquote>
<h4>More: <a href="https://www.manicapost.co.zw/dollarisation-was-our-greatest-mistake/">The Manica Post</a></h4>

Mangudya: Money Is The Root Cause Of All Evil

Reserve Bank of Zimbabwe (RBZ) Governor, John Mangudya, has said Zimbabwe should never have completely dollarised its economy in 2009 as this is now making it difficult for ordinary people to accept their own local currency.
The Zimbabwe dollar was reintroduced in 2019 but ordinary people have no confidence in it and prefer using the US dollar as the store of value.
Mangudya said the Zimdollar should have been given a chance to regain its value alongside other currencies, instead of completely dumping it when the multi-currency system was introduced in 2009.
Speaking during a public lecture at Manicaland State University of Applied Sciences last Friday, Mangudya said:
<blockquote>
In Zimbabwe, we made one fundamental mistake of throwing away our currency in 2009. We were supposed to keep it and allow it to limp alongside other currencies.
We should not have locked it out through a Statutory Instrument, saying don’t come back again, don’t resurrect. That is where we made a mistake.
At one time the metical was useless in Mozambique, but they never threw it away. In Russia and Zambia, the same happened and when their economies began to pick up, their currencies regained value, but here we put it six feet under and therefore it is now very difficult for people to accept the local currency.
The irony in Zimbabwe is that big companies were the first to call for the use of local currency because they know that will make them more competitive on the global market, but the ordinary men and women on the streets are clamouring for a re-dollarisation of the economy.
</blockquote>
Mangudya said the country will continue using the Zimdollar alongside other currencies until people had confidence in the local currency. He said:
<blockquote>
Countries that would have completely dollarised cannot just wake up with a mono-currency, otherwise, their economies will collapse.
There is something called histolysis, meaning that people still want to hold on to the past.
We need to introduce a mono-currency gradually. We tried it in 2019 on June 24 and inflation spiked to 87 per cent.
People need to have more trust and confidence in the local currency. We will continue having a partially dollarised economy.
It should also be noted that there is no country without a parallel exchange rate.
However, this should be manageable, between 10 and 20 per cent of the actual rate.
</blockquote>
Mangudya said for the country to achieve economic stability, there is a need to produce more and more thereby reducing the import bill.
<h4>More: <a href="https://www.manicapost.co.zw/dollarisation-was-our-greatest-mistake/">The Manica Post</a></h4>

Dollarisation Was Our Greatest Mistake, Says Mangudya

A leading economist, Gift Mugano, says Zimbabwe’s economy could dollarise by June this year due to the massive erosion of the value of the Zimbabwe dollar on the parallel market.
Mugano, the executive director at Africa Economic Development Strategies, said that local businesses have lost confidence in the local currency.
Addressing participants during an Employers Confederation of Zimbabwe symposium in Harare on Thursday, Mugano also projected that inflation would shoot to 100% by June this year. He said:
<blockquote>
When you pay Chinese construction companies in RTGS (local currency), do you think they will take RTGS back to China?
They will go to Roadport (the parallel market) to buy United States dollars).
</blockquote>
Mugano’s remarks come as Reserve Bank of Zimbabwe governor John Mangudya told the Confederation of Zimbabwe Industries that Zimbabwe would be using its currency as the main medium of exchange by 2027.
Currently, the official exchange rate is US$1:$120, while the parallel market rate is US$1:$235.
Mugano said the official and parallel market rates would rise further, driven by huge payments in Zimbabwe dollars which would then be used to buy foreign currency from the black market.
He forecasted the rate to rise in June when tobacco farmers buy United States dollars using the local currency they would have been paid by the Government.
Mugano urged businesses to find ways of dollarising their operations to remain afloat.
He said since President Emmerson Mnangagwa’s government was inaugurated, more than 600 statutory instruments had been issued, creating uncertainty on the market.
<h4>More: <a href="https://www.newsday.co.zw/2022/02/zim-to-dollarise-by-june/">NewsDay</a></h4>

Zimbabwe To Dollarise By June - Economist

Former Finance Minister Tendai Biti has said Zimbabwe should dollarise but retain the Zimbabwe dollar so that the local currency serves as change while the United States is used as a storer of value.
Speaking during an interview at New Zim TV’s premier weekly show, The Agenda, Biti, who is Citizens Coalition for Change (CCC) vice president, said the Government should abolish the foreign currency exchange auction and allow the rate to be determined by market forces. He said:
<blockquote>
Dollarise but retain the Zimbabwe dollar, abolish the auction floor so it finds its natural mark in the market. They dedollarised when the fundamentals were not in place. 
There is no country that involuntarily dollarised which has been able to dedollarise because it is a confidence thing…what you can do is you dollarise, bring your currency so it serves as change, as a transactional instrument not as a storer of value, value continues being kept by the hard currency.
If Mangudya thinks he can do it, then he is a fool.
It is a confidence thing, we do not have confidence in Mnangagwa and that man with a high propensity to lie, [Mthuli] Ncube.
</blockquote>
Biti, who was the Finance Minister in the Government of National Unity (GNU) between 2009 and 2013, said “ginyanomics” will not work.
Ginyanomics was in reference to the sort of economics practised by President Emmerson Mnangagwa’s government. Said Biti:
<blockquote>
I always argue Ginyanomics do not work…there will be an implosion. Every tax is now in US dollars, even number plates are in US dollars, passports are in US dollars, so they are completely dishonest people, they are completely mendacious people, they are necrophilia, it is a disaster.
</blockquote>
Biti said Zimbabwe has no surplus to talk about as it was being calculated in the local currency.
The aspiring Harare East legislator noted that parliament has assumed a ZWL$3.4 billion debt from the central bank despite the surplus.
<h4>More: <a href="https://www.newzimbabwe.com/mangundyas-ginyanomics-will-not-solve-inflation-crisis-says-biti/">NewZimbabwe.com</a></h4>

Biti: Zimbabwe Should Dollarise But Retain Zim Dollar

Former Finance Minister Tendai Biti has disputed Reserve Bank of Zimbabwe (RBZ) governor John Mangudya’s assertion that Zimbabwe does not have enough US dollars to fully dollarize.
In his Monetary Policy Statement on Monday, Mangudya said it was wrong for Zimbabwe to totally abandon its currency in 2009 as the country did not have sufficient foreign exchange liquidity to meet its foreign currency commitments.
However, speaking during an interview with NewZimbabwe.com on Tuesday, Biti said there is sufficient foreign currency liquidity to support dollarisation, only that the money is being misused. Said Biti:
<blockquote>
That is not correct. In his own statement yesterday (Monday) he is boasting that deposits in private companies are US$9 billion, so you cannot tell me that if such money is allowed to circulate there is not sufficient money.
We have got lots of it, he is also boasting of a current account surplus in that same statement, when you have a current account surplus it means that you are exporting more than you are importing, therefore your current account is positive.
So, it is not a question of the supply of US dollars, it is a question of how that money is being used.
They are wasting their time in supporting an expensive non factional auction system that is taking US$40 million a week on the auction systems.
No government can afford that. Abolish the auction system, redollarise, stop taking people’s money through exports surrender requirements and most importantly stop corruption.
They are stealing money out to Mauritius; they are buying houses for their wives and jets for their children and that is the problem.
That statement alone John said there is now US$9 billion sitting in accounts and when the money sits in an account it belongs to the bank and it can do whatever it wants, so there is lots of money in Zimbabwe.
When I left, I left US$6.5 billion, and they actually now have more than what was there during the time of the GNU when the US dollar was working.
</blockquote>
<h4>More: <a href="https://www.newzimbabwe.com/biti-savages-liar-mangudya-says-there-is-enough-forex-to-redollarise/">NewZimbabwe.com</a></h4>

Biti Disputes Mangudya, Says There Is Enough Forex To Redollarise

The Reserve Bank of Zimbabwe (RBZ) says it will promote the use of the Zimbabwe dollar, among other foreign currencies, as it is ideal for promoting the growth and competitiveness of the economy.
In the Monetary Policy Statement released on the 7th of February 2022, the RBZ said the use of the local currency has helped the economy to grow by 7.8% in 2021. The central bank said:
<blockquote>
The use of the local currency has helped the economy to grow by 7.8% in 2021 following the increased local currency backed aggregate demand that was necessitated by increased agricultural output and expansion in Government infrastructural projects.
</blockquote>
The central bank said it was wrong for Zimbabwe to totally abandon its currency in 2009 as the country did not have sufficient foreign exchange liquidity to meet its foreign currency commitments. The bank said:
<blockquote>
The past experience of the country is quite instructive that promotion of the use of local currency is beneficial. In 2009 the country legislated a fixed exchange rate under the auspices of dollarisation.
Electronic or virtual currency was commingling with physical foreign currency and the two were at par.
With hindsight, what was supposed to have been done then was to allow the local currency to be part of the basket of currencies as evidence on the ground shows that the country did not have sufficient foreign exchange liquidity to meet its foreign currency commitments even under dollarisation.
Legislation of a fixed exchange rate, as was the case in 2009 when the US$ was introduced as the currency of transaction, is not ideal for any economy as it renders the economy uncompetitive and a supermarket economy and gives the wrong impression that foreign currency is a domestic currency that is earned without exporting.
Foreign currency needs to be earned from foreign sources such as exports and remittances and competitiveness of local production becomes very essential to promote exports, and stability of the local currency is key to promoting investment and for value preservation.
</blockquote>
Among other things, the RBZ raised the limit on mobile banking transactions from person to person from ZW$5 000 to ZW$10 000 per transaction and from ZW$35 000 per week to ZW$70 000 per week.
The central bank also resolved to increase the cash withdrawal limit for the banking public from ZW$2 000 to ZW$5 000 per week.
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

RBZ Rules Out Full Dollarisation

Analysts have warned that the government’s failure to resolve a perennial currency crisis could push Zimbabwe back into dollarisation.
In the past year, markets have been increasingly rejecting the free-falling local currency in favour of the United States dollar.
In 2009, Zimbabwe dollarised following the collapse of the local currency in 2008 due to hyperinflation.
The Southern African country reverted to its own currency in 2019 but since its return, the Zimbabwe dollar has depreciated by wide margins, triggering fears of the return to the 2008 inflation crisis.
Economic analysts Tuesday said the Zimdollar depreciated to US$1:$230 this month, from US$1:$120 in January last year, a sign that it was fast losing value and the country might find itself redollarising.
On the Reserve Bank of Zimbabwe (RBZ)-facilitated foreign currency auction system, the local currency traded at US$1:$115,42 this week from US$1:$6,32 when the platform was introduced in June 2020.
Top banker Nigel Chanakira told Bloomberg that the writing is on the wall for the Zim dollar. He said:
<blockquote>
We can’t deny the reality. When you get the Zimdollar you spend it quickly. No one wants to save in that currency.
</blockquote>
At the meeting attended by Reserve Bank of Zimbabwe governor John Mangudya and Industry minister Sekai Nzenza, prominent economist Tony Hawkins said Mangudya had failed to preserve the value of the Zim dollar. 
Hawkins said since 2019, prices have gone up 3 000% and the currency’s value has devalued by 99%. He added:
<blockquote>
He (Mangudya) talks about people using the local currency, but if you go to my bank, the hole in the wall (ATM machine) tells you can draw $2 000 which is now worth US$0.88.
</blockquote>
However, Mangudya said shifting from the US dollar to local currency would not be achieved overnight, adding that the central bank was putting in place measures to incentivise the use of the local unit. 
More: <a href="https://www.newsday.co.zw/2022/02/zim-on-verge-of-redollarisation/">NewsDay</a>

"We Can’t Deny The Reality," - Analysts Say Zimbabwe On Verge Of Redollarisation

Former Finance Minister Tendai Biti has urged the government to either dollarise the economy or liberalise the exchange rate to eradicate price distortions in the economy.
Speaking in Parliament Tuesday, Biti said the disparities in the official and parallel market value of the US dollar have resulted in some retailers pricing their goods at black market rates. He said:
<blockquote>Despite the introduction of a mono-currency through Statutory Instrument (SI) 33 of 2019 and SI 142 of 2019, it is clear that the economy has largely become an informal United States Dollar (USD) economy.
It is also clear that citizens are being subjected to a regime of multiple prices.
Businesses are indexing their prices at the official parallel rate, yet they are collecting money from the citizens and discount it at the official auction rate.
… I appeal to authorities, in particular, the Ministry of Finance and Economic Development to do either of the two following things; to acknowledge the informal redollarisation of the economy that has taken place and secondly, just liberalise the exchange rate so that we do not have the fixed auction rate which has been fixed at US$1 is to Z$82 for the past six months.</blockquote>
Statutory Instrument 33 of 2019 said that balances held in local bank accounts and mobile payment platforms, as well as bond notes and coins, were no longer regarded as equal in value to United States dollars.
The statutory instrument also decreed that local dollar electronic balances and bond notes and coins would become ‘RTGS dollars’, part of Zimbabwe’s multi-currency system and trading at an exchange rate fixed by market forces.
Meanwhile, in terms of Statutory Instrument 142 of 2019, the Zimbabwe dollar became the sole legal tender in Zimbabwe. It also banned trade in all other currencies (United States dollar, South African rand and pula, among others).
<h4>More: <a href="https://www.newzimbabwe.com/consider-redollarising-the-economy-biti-says-to-govt/" rel="noopener" target="_blank">NewZimbabwe.com</a></h4>

Biti Urges Govt To Liberalise Exchange Rate

An economic analyst, <a href="https://www.pindula.co.zw/John_Robertson" rel="noopener noreferrer" target="_blank">John Robertson</a>, said Zimbabwe’s fiscal and monetary authorities’ failure to keep promises they made in February has led to the self-redollarisation of the economy.
Robertson asserted that if the promises had been kept, the exchange rate would have stabilised at 1:6. He said:
<blockquote>Promises were made before February 28, 2019, from which date market forces were supposed to determine the Zimbabwe dollar exchange rate.
If these promises had been kept, the rate might have become stable at about Z$6 to the US dollar. But the promises were not kept, and the imbalance remained.
People with special privileges were also able to continue making profits by selling US dollars for more than they paid for them, and prospects of building trust were severely damaged.</blockquote>
In February this year <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe" rel="noopener noreferrer" target="_blank">Reserve Bank of Zimbabwe</a> governor John Mangudya announced the introduction of a new currency called <a href="https://www.pindula.co.zw/RTGS_Dollars" rel="noopener noreferrer" target="_blank">RTGS dollars</a>.
The currency consisted of existing RTGS balances in bank accounts, Bond Notes cash and Bond Coins and the initial exchange rate with the US dollar was pegged at 2.5 RTGS dollars/US dollar.
<h4>More: <a href="https://www.dailynews.co.zw/articles/2019/12/22/rocketing-us-dollar-use-stuns-authorities" rel="noopener noreferrer" target="_blank">Daily News</a></h4>

Robertson: RBZ's Broken Promises Responsible For Self-redollarisation

Zimbabwe’s decision to introduce the multi-currency system 10 years ago is now haunting the economy, several months after the government banned the use of foreign currency in domestic transactions.
An economic analyst, Persistence Gwanyanya, said the informal sector totally ignored SI 142 as it continues to trade using multi-currencies. He said:
<blockquote>Even those who complied are largely referencing or indexing their prices to the United States dollar, all of which deny the country the opportunity to benefit from using a sovereign currency.
A normal economy should reference its prices to itself. In this economy, prices are a function of its demand and supply factors, not just US dollar exchange rate movements.</blockquote>
Zimbabwe has therefore failed to accrue the benefits of using a sovereign currency while neighbouring countries such as South Africa, Zambia and Botswana are benefitting.
In a normal economy, when a country has a sovereign currency, it is able to sell its products cheaper, both locally and internationally. However, in Zimbabwe, money itself is sold.
<h4>More: <a href="https://www.thestandard.co.zw/2019/10/28/us-ghost-haunts-zimbabwe/" rel="noopener noreferrer" target="_blank">The Standard</a></h4>

Zim Failing To De-dollarise As Traders Prefer USD

Several small to medium scale enterprises (SMS) have reportedly re-dollarised due to the volatility of the Zimbabwe dollar.
The local currency jumped from USD1: ZWL14 to USD1:24 in a matter of days. This has prompted most of the SMEs to revert to the stable US dollar even though the move is illegal.
A seller of cellphone accessories in Harare told 263Chat that the oscillating Zimbabwe dollar may force them out of business. He said:
<blockquote>Last week we replenished stocks from suppliers who were using a rate of ZWL$22 against the US dollar and guess what happens after that, the exchange rate tumbles and we are now forced to sell our stuff at lesser selling price because the rate is now down to ZWL414. We will end up closing shops and this is why we are resorting to the USD.</blockquote>
<h4>More: <a href="https://www.263chat.com/businesses-re-dollarize-evade-volatile-zim-dollar/" rel="noopener noreferrer" target="_blank">263Chat</a></h4>

Volatile Zim Dollar Forces Businesses To Re-dollarise

Zimbabwe is gradually re-dollarising with a lot of businesses now accepting or asking for US dollars for payment. These include food outlets such as Simbisa Brands, fuel stations, <a href="https://news.pindula.co.zw/2018/12/25/bulawayo-city-council-starts-50-discount-for-those-paying-in-foreign-currency/" rel="noopener" target="_blank">city councils</a>, pharmacies and others.
A local economist commented on the development:
<blockquote>The latest trend is that businesses are now charging in US dollars is now getting widespread but it is unlikely that we will see full dollarisation because we have few dollars in circulation so we might not see a full blown situation</blockquote>
Prof <a href="https://twitter.com/steve_hanke/status/1076192706240618498" rel="noopener" target="_blank">Steve Hanke said recently</a>:
<blockquote>Zimbabwe’s economy is in tatters, the only way to stop runaway inflation in its tracks is a return to real dollarization</blockquote>
More: <a href="http://www.zbc.co.zw/is-zim-re-dollarising/" rel="noopener" target="_blank">ZBC</a>, <a href="https://twitter.com/steve_hanke/status/1076192706240618498" rel="noopener" target="_blank">Twitter</a>

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