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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>

Pindula News

Banks Urge Govt To Restore Liquidity Balance

There is a serious shortage of the Zimbabwe dollar in the economy which captains of industry and economists say will reduce production capacity and affect aggregate demand.
The liquidity squeeze follows recent fiscal and monetary policy measures to suck out liquidity in the market to stabilise the exchange rate and prices.
The Confederation of Zimbabwe Industries (CZI) president Kurai Matsheza told <a href="https://businesstimes.co.zw/zim-dollar-shortage-hits-market/">Business Times</a> that the liquidity crunch has reduced production capacity and aggregate demand. He said:
<blockquote>
There is a liquidity challenge in the economy and what the liquidity challenge does is depresses aggregate demand as there is no traffic in the shops and at the industries.
We are happy that things have stabilised but with this squeeze, we are failing to make payments for other services because there is no ZWL$ in the market and this has reduced our production capacity.
What it means is less cash in the markets, less product off-take so it means production will go down because companies can’t produce stock as they have no funds.
We, however, hope that this would be temporary and not a long-term solution so that business goes back to normal.
</blockquote>
The Confederation of Zimbabwe Retailers (CZR) president Denford Mutashu said in the past two weeks there has been an increase in US dollar sales but the Zimbabwe dollar sales have significantly decreased.
Economist Gift Mugano said the government has stopped pumping money into the market resulting in a shortage of the local currency.
He added that this confirms the long-held belief that government is the biggest driver of inflation.
Due to the liquidity crunch, the Zimbabwe dollar significantly recovered this week and was trading at ZWL$5 739 to the USD at the Reserve Bank of Zimbabwe (RBZ) Wholesale Foreign Exchange Auction on Thursday, 29 June.
On Tuesday, the local currency firmed against the United States Dollar to ZWL$6 326, from ZWL$6 926 on 20 June.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Captains Of Industry, Shops Bemoan Zimbabwe Dollar Shortage

The Reserve Bank of Zimbabwe Financial Intelligence Unit (FIU) said that retailers and manufacturers who were exclusively charging certain goods in foreign currency and using the street market rate for currency conversion have agreed to reconsider their pricing models.
In an interview with <a href="https://www.sundaynews.co.zw/16-bank-accounts-frozen-in-rbz-price-blitz-overpricing-shops-penalised/">State media</a>, FIU director-general Oliver Chiperesa said that the Unit has received assurances from retailers that they will adjust their prices in line with the prevailing official exchange rate while also accepting Zimbabwe dollars for all products. Said Chiperesa:
<blockquote>
We engaged with them and they have assured us that they are relooking into their pricing models.
Yes, some had items that they were not allowing clients to pay for using the local currency, but we have told them that is not acceptable and they agreed to rectify it.
They also assured us that customers will be able to pay in local currency for all goods whose prices have been marked in foreign currency only.
</blockquote>
He, however, said there were still some rogue businesses who they continue to monitor to ensure that they were brought to book.
Chiperesa gave an example of one supermarket in Belvedere, Harare, saying it had a rate higher than the parallel market. He said:
<blockquote>
On Friday we found out that this supermarket was using an exchange rate of US$1:ZW$10 000 which has no relationship with even the parallel market.
So it is just a rate they came up with as forward pricing just to destabilise the rates because the most extreme parallel market rates were 8 000, but they are beginning to go down.
</blockquote>
Last week, the RBZ set the official exchange rate at US$1: ZW$5 900 while the street rate was hovering at US$1: ZW$9 000.
However, some large retailers were using at least US$1: ZW$10 000 for selected products while popular fast-food outlets were rejecting the local currency on the pretext that their point-of-sale machines were not working and therefore could not accept swipe and EcoCash payments.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Shops Agree To Sell Products In ZimDollars At The Official Rate - RBZ

The Government has rejected calls by the opposition to pay farmers for their produce exclusively in United States dollars.
Speaking during a Question and Answer session on Wednesday, Kuwadzana East MP Chalton Hwende (CCC) asked the Government to consider paying farmers in USD to enable them to buy inputs for next season. <a href="https://www.newsday.co.zw/local-news/article/200011744/dump-the-failed-zimdollar-mps">Said Hwende</a>:
<blockquote>
The RTGS will not enable these farmers to buy inputs for the next cropping season.
Why is the government not considering paying them in United States dollars for all their produce just like what is being done beyond the borders?
Right now, the government is paying farmers RTGS and expects them to go to shops where prices are being inflated.
</blockquote>
In response, Justice, Parliamentary and Legal Affairs Minister Ziyambi Ziyambi, who is also the leader of Government business in Parliament, said the Government will not abandon the Zimbabwe dollar. He said:
<blockquote>
Honourable Hwende is in other words encouraging government not to pay in RTGS (Real Time Gross Settlement), but in US dollars. The truth is that we cannot stop paying farmers in RTGS.
We cannot, therefore, say we are no longer paying in RTGS. We cannot dump the RTGS because it has lost value and we adopt another currency.
That is not possible. We have to promote our own currency if we want to control our own economy.
We can only put measures to control and stabilise the inflation rate on the parallel market.
If you look at all the countries around the world, Zambia for example, has once done it, but eventually moved away from that decision and opted for its own currency, the Kwacha.
</blockquote>
Last month, the Government announced that grain farmers will be paid at US$368 per metric tonne.
US$200 will be in foreign currency and the remaining US$168 in Zimbabwe dollars at the interbank rate.
When the local currency was reintroduced in June 2019, it was trading at 1:1 with the US dollar but has since fallen to $1 407 on the official auction market and more than $3 000 on the black market.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Govt Rejects Legislators' Call To Pay Farmers Exclusively In US Dollars

The United States dollar has replaced the Zimbabwean dollar as the most-used currency in the southern African nation for a second time.
According to a <a href="https://www.bnnbloomberg.ca/us-dollars-dethrone-zimbabwe-s-currency-for-second-time-1.1905097">Bloomberg</a> report, US dollars were utilised for 77% of transactions this year, surpassing the proportion that was conducted in the local currency for the first time since it was reissued in June 2019.
Zimbabwe abandoned its own currency in 2009 and replaced it with the US dollar and other foreign currencies after hyperinflation had rendered it worthless.
The local currency was reintroduced in 2019 in an attempt to revive the stagnating economy.
The Zimbabwean dollar has depreciated 91% against the US dollar in the last two years to trade at 944 at the official rate and about 1 600 on the parallel market.
Local businesses now charge in greenbacks for everything from food, and fuel to medicines.
Cement maker PPC Ltd.’s local unit said in its latest financial statement, that 79% of sales were in US dollars.
Speaking to Bloomberg, Gift Mugano, an economics professor at the Durban University of Technology, said:
<blockquote>
Passports are paid for in dollars, some taxes in foreign currency, fuel is in dollars and you can also pay toll gates in dollars.
</blockquote>
Prosper Chitambara, a Harare-based economist, said “the economy for all intents and purposes is largely dollarized”.
The surge in dollar usage in Zimbabwe comes as China has made the internationalization of the yuan a top priority.
Countries including Russia, India and Saudi Arabia have sought to include non-dollar payments in their financial systems to reduce their dependence on the US.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

US Dollar Replaces Zimbabwe Dollar For A Second Time

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