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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>

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

Economic specialists have warned of an increased risk of major revenue loss due to the growing use of the U.S. dollars as the Zimbabwean economy moves towards full “re-dollarisation”.
According to economics professor Gift Mugano, the trends in the re-dollarisation have “deepened” as domestic sales in US dollars are now close to 80%, <a href="https://www.herald.co.zw/high-tax-loss-risk-as-economy-re-dollarises/">The Herald</a> reported. 
With the bulk of the transactions reportedly being in cash, they are seen as favouring tax evasion. 
Prof Mugano claims that since most transactions are cash-based, re-dollarisation would be “detrimental” to the government’s efforts to collect taxes as a result of the high level of economic informality. He told Business Weekly in an interview:
<blockquote>
The risk comes with the potential loss of fiscal revenue on the backdrop of informalisation of the U.S. dollar sales.
A snap survey I did shows that companies are facing exchange rate loss of 15 – 17 percent on the back of the 2 percent IMTT, bank charges and 20 percent export retention. The losses emanating from export retention, in particular, are arising from the existing disparities between the official exchange rate and black market rates.  
Based on this observation, the temptation is very high for businesses that collect cash not to deposit it in the banks thereby narrowing the tax base. This is why you hear about thousands of dollars being raided by robbers at business premises.
</blockquote>
According to Mugano the policy matrix of the 20% domestic export retention and the 2% IMTT “does more harm than good and must be scrapped.”
He urged technocrats at the ministry of finance and the central bank to conduct an academic study on the benefits and drawbacks of the 2 per cent IMTT and the 20 per cent export retention.
Carlos Tadya, an economist from Harare, agreed with Mugano and said the business is already overtaxed and the transition to re-dollarisation opens up opportunities for tax avoidance.
The Minister of Finance and Economic Development, Professor Mthuli Ncube, issued a warning last year that the re-dollarization of the economy and the high level of informality would reduce the tax base because the majority of transactions were “going underground where the majority of activities are cash-based.”
The government approved the usage of foreign currency for domestic transactions in March 2020.
Last year, the Government enacted legislation to entrench the multi-currency system, which makes both the United States and Zimbabwe dollars legal tender for all local transactions until 2025.
The majority of people and businesses prefer using foreign currency over the Zimbabwe Dollar as the latter has been depreciating at a quicker rate.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Economists Warn Zimbabwe Will Lose Revenue If Full Re-dollarisation Is Adopted

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

<blockquote>Re-dollarisation must be wholesome and comprehensive
We note with serious concern the regime’s half-hearted attempt to re-dollarise in a grossly inadequate way that does not even begin to address the country’s economic frailties as well as the concerns of the ordinary Zimbabwean.
We feel that the return to the multi-currency regime must be compressive and whole-some, not these piecemeal measures that appear to be meant for a few cronies to access forex at a cheaper rate. In any case, the ordinary Zimbabwean is not in possession of free funds, which means these inadequate measures have nothing to do with the people.
For starters, we strongly feel that a full return to the multi-currency regime will mean that all workers be paid in US dollars as the ill-advised move to demonetize had seriously eroded people’s disposable incomes.
Government as the biggest employer must show the way and begin to pay meaningful salaries to its own workers. It is grossly senseless to re-dollarise at transaction level without paying due attention to the issue of salaries.
We call on the government to simply bite the bullet by withdrawing all the statutory instruments and other legal niceties that stand in the way of a full and comprehensive return to the multi-currency regime.
Ordinary Zimbabweans are suffering and this piecemeal approach will not work. The return to the basket of currencies must be wholesome, full-some and comprehensive until we address the fundamentals that make it impossible for us to introduce our own currency.
It was ill-advised in the first place to abandon the multi-currency regime in the absence of an address of fundamentals, which include issues of production and confidence.
There is nothing to laud in the current half-hearted measures that fall far too short in addressing the economic challenges at hand and the concerns of the ordinary people
For now, Zimbabweans deserve a living wage. The return to the multi-currency regime must happen in a comprehensive manner that also addresses the issue of salaries.
Otherwise, these minuscule measures are akin to a fart on a raging fire.
MDC Communications</blockquote>

FULL TEXT: MDC Calls For Wholesome & Comprehensive Re-dollarisation

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