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Finance Minister Mthuli Ncube has been urged to promptly present fiscal measures that complement the monetary policy announced by Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu last week.
The 2024 Monetary Policy Statement outlines key strategies and measures aimed at achieving currency stability. These include the introduction of a structured currency called ZiG, backed by reserves and royalties.
Economist Gift Mugano suggests that Minister Ncube should not delay presenting his mid-term budget review in July or exclusively favour the use of USD over ZiG. He said:
<blockquote>
The Minister of Finance must address the following:
1. Directing all local payments by the GOZ to be in ZiG;
2. Directing all duties, taxes, levies and fees including government services such as passports, birth certificates, death certificates, etc to be in ZiG;
3. Directing fuel stations to accept both ZiG and USD – this must enforced in line with the spirit of the use of a multi-currency regime;
4. Recalibrating the financing model for the public infrastructure with a view to moving away from using cash to long-term finance e.g., diaspora bonds;
5. Setting aside a budget for the liquidation of the 25% export retention surrender requirement view a view to stop the RBZ from printing money;
6. Present a new budget statement in ZiG – this budget must include a supplementary budget with a view to accommodate the exchange movements as the current has been eroded by exchange rate upheavals. This submission is grounded on the fact that the fact that the exchange rate shot from ZWL$6,000/US$1 when the 2024 budget was presented to ZWL$33,882.72 as of 5 April 2024.
7. Downward review of taxes and elimination of some tax heads such as the sugar tax – the current tax regime is causing inflation in USD which means that inflation in ZiG will be massive.
</blockquote>
The annual inflation rate in Zimbabwe has recently risen, reaching an over-one-year high of 55.3% in March 2024. This increase follows a rate of 47.6% in February.
The depreciation of the now-discarded Zimbabwe dollar played a role in this surge. Since the beginning of the year, the Zimbabwe dollar experienced a decline of more than 70% against the US dollar before being replaced by ZiG last week.
The introduction of ZiG marks Zimbabwe’s sixth attempt at creating a new currency since 2008.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Mthuli Ncube Urged To Present Fiscal Measures To Complement Monetary Policy

The Government has said the tight fiscal and monetary policy measures put in place to stabilise the economy will continue.
In a statement released on Thursday, 07 September, the Ministry of Finance and Economic Development, said that it has made considerable progress in fostering domestic macroeconomic stability.
The Ministry said since the introduction of the measures several months ago, the Zimbabwe dollar has stabilised and inflation has been falling.
Read the full statement by the Ministry of Finance and Economic Development below:
<blockquote>
1. Government reaffirms that considerable progress has been achieved in fostering domestic macroeconomic stability by implementing a broad range of fiscal and monetary stabilisation measures.
2. Pursuant to the statement issued by government on the 29th of May 2023, the official exchange rate strengthened from about US$1: ZWL$6900 to US$1: ZWL$4500 highlighting the positive impact of policy interventions by Government.
3. Inflation month on month dropped commensurately from +30% in June to -15% in July.
4. Government, in this post-election period, is therefore committed to ensure that such macroeconomic stability endures and is sustainable through implementation of sound macroeconomic policies, to achieve envisaged economic growth targets.
5. In this regard, the government will continue with the tight fiscal and monetary policy measures that include:
<ul>
<li>Adopting all external liabilities being funded transparently through the national budget which has been completed;</li>
<li>Increasing the retention on domestic foreign currency sales 100% – This has resulted in domestic businesses accessing more foreign currency from the market and translating into additional US dollar deposits in the banking system;</li>
<li>Promoting the use of domestic currency by using measures such as payment of corporate taxes and Government Agencies’ fees in local currency, and additional measures are under consideration;</li>
<li>Making sure that there is no backlog in the foreign currency auction system – government will continue to support the Auction with foreign currency, and pay winning bids at the auction within 24 hours of award.</li>
</ul>
6. In order to encourage the banking of foreign currency which is mainly in the informal sector while promoting the use of the local currency, Government will;
<ul>
<li>Continue promoting the use of domestic currency by enforcing that:</li>
</ul>
i) All Government Agencies including Parastatals will continue to collect their fees in local currency; and
ii) Payments to ZESA by non-exporters will continue to be made in ZWL.
<ul>
<li>Local interbank foreign transactions IMT tax will be maintained at 1%</li>
<li>POS IMT tax in foreign currency will be maintained at 1%</li>
</ul>
7. The Reserve Bank of Zimbabwe (RBZ) will continue with the issuance of Non- Negotiable Certificates of Deposits (NNCDs) in order to mop up excess liquidity, on terms that ensure regulated access to the NNCDs liquidity by banks.
8. To sterilise excess liquidity already injected into the economy, Government will continue with its policy interventions like issuance of Treasury bills in conjunction with appropriate monetary policy tools being implemented by the Reserve Bank of Zimbabwe.
9. Strengthening of Surveillance and Monitoring by the Financial Intelligence Unit (FIU) in order to stem speculative activity in the economy.
10. To continue with the issuance of gold coins and gold-backed digital tokens as a store of value and for transaction purposes, while supporting financial inclusion.
11. To further continue with efforts of mopping up excess liquidity in the market and regulating payments to government contractors.
Conclusion
Government remains fully committed to the maintenance of macro-economic stability and will continue to revive the purchasing power of the Zimbabwe dollar and the restoration of trust and confidence in the economy.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Govt To Maintain Tight Fiscal And Monetary Policy Measures

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