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Captains of industry have urged the Reserve Bank of Zimbabwe (RBZ) to ease its strict monetary policy in the post-election period claiming this will increase liquidity and boost aggregate demand.
They say tighter monetary and fiscal policies are hurting the economy as companies are operating at reduced capacity.
In months leading up to the 23 August elections, the RBZ and the Ministry of Finance and Economic Development pursued tighter monetary and fiscal policies and vowed they would remain in place for some time.
Speaking to <a href="https://businesstimes.co.zw/industry-push-for-monetary-deal/">Business Times</a> recently, Confederation of Zimbabwe Industries (CZI) president Kurai Matsheza said there is a need for authorities to strike an equilibrium when managing liquidity. Said Matsheza:
<blockquote>
Now that the elections are over, we have now turned our focus to production and this will (only) happen when liquidity has improved.
It is our hope that the authorities will address the current liquidity squeeze to improve our capacity utilisation and aggregate demand.
</blockquote>
Zimbabwe Stock Exchange-listed companies such as Willdale and Seed Co Limited have also called for improved liquidity during the post-election period.
The Bankers Association of Zimbabwe (BAZ) president Fanwell Mutogo told Business Times the banks understand the government’s position, but banks are of the view that the current tight liquidity situation is an unintended consequence of the monetary and fiscal measures.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Captains Of Industry Bemoan Liquidity Squeeze

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>

Banks Urge Govt To Restore Liquidity Balance

The Reserve Bank of Zimbabwe (RBZ) and bank executives have been holding a series of crisis meetings in the past few days with the view to finding a lasting solution to the liquidity crunch, reported <a href="https://businesstimes.co.zw/rbz-banks-in-crisis-indaba/">Business Times</a>.
There are concerns that the chronic liquidity crunch bedevilling the economy can potentially hamper the upcoming summer agricultural season.
Senior officials from the Ministry of Lands, Agriculture, Fisheries, Water and Rural Development, are also part of the meetings.
Speaking to Business Times, Bankers Association of Zimbabwe (BAZ) CEO, Fanwell Mutogo, said the crisis meetings are set to continue this week. He said:
<blockquote>
The liquidity situation remains challenging but we are worried more for the farmers as this is the financing period for them.
There are a series of meetings being held among the central bank, banks and Lands, Agriculture, Fisheries, Water and Rural Development ministry and I am sure, we will come up with a solution together.
… Direction is not yet clear on how much money will banks splurge for the new season given the current liquidity challenges.
</blockquote>
Recently BAZ president Mehluli Mpofu warned that if the agriculture sector doesn’t perform well, it will affect other sectors of the economy. He said:
<blockquote>
The 2022/2023 summer cropping season has already kicked off with irrigated crops already planted and with this liquidity squeeze in the market, the desired agriculture growth will be difficult to achieve.
As an agro-based economy, agriculture performance is key to economic growth hence if the sector doesn’t perform well, this will affect next year’s economic projections.
</blockquote>
The Confederation of Zimbabwe Industries president, Kurai Matsheza, also said the liquidity crunch has hindered the funding of agriculture. Matsheza said:
<blockquote>
We are in a serious liquidity squeeze as we are failing to get working capital from the banks and with the agriculture funding being delayed the shortages of the raw material will persist in the long run as the farmers should have completed some preparations but they are yet to do so due to the liquidity crunch.
</blockquote>

RBZ, Banks In Crisis Meetings

Secretary for Finance and Economic Development, George Guvamatanga, has scoffed at claims that measures implemented by the Government to stabilise exchange rate volatility and inflation are having a negative impact on the economy.
Speaking in an interview with State media on Thursday, Guvatamatanga also said it is not true that the exchange rate has stabilised and inflation has come down because the Government had stopped paying for goods and services supplied.
He said the government has not stopped making all payments, but only those invoices and contracts priced at the parallel market rate, or overpriced. Said Guvamatanga:
<blockquote>
There is a big misrepresentation that is going on in the market that the Government stopped making payments, that is not correct, because if we had stopped the Government would not have been operational by now, if we were not paying anyone right now all our operations would have grounded to a halt.
What we have said is that we are not paying invoices and contracts priced at parallel market rate, or overpriced.
Obviously, there are those who are adamant and some who have adjusted, some are adjusting voluntarily without approaching them that we now want to change prices.
</blockquote>
Guvamatanga insisted that the government had to stop the payments as the was “overheating”. He said:
<blockquote>
The economy was overheating; everyone was overtrading and the majority of people who were reporting increased business activity were foreign currency trading; the demand was artificial. It was artificial demand because everyone wanted to get rid of Zim dollars.
So there is a readjustment that is required, even the Treasury has to readjust such that even our revenue, we must review them down.
I do agree demand has gone down, but people must know that some of the aggregate demand was artificial.
</blockquote>
Gumamatanga said there is a need for the private sector to go back to basics and do away with overpricing goods. He said:
<blockquote>
It’s not a Government (only) thing. P ‘n Pay needs to do it, OK (Zimbabwe) needs to do it, Spar (Zimbabwe) needs to do it, everyone needs to adjust.
Everyone needs to adjust and say the days of pricing things at 1,4, 1,5 (times the actual price are gone).
</blockquote>
| <a href="https://www.businessweekly.co.zw/economy-was-overheating-we-had-to-act-guvamatanga/">Business Weekly</a>

The Govt Has Not Stopped Making Payments - Guvamatanga

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