The CZR president speaks on Introduction of local currency

The Confederation of Zimbabwe Retailers(CZR) has embraced the introduction of local currency, the Zimbabwean dollar which was introduced by The Minister of Finance and Economic Development Hon. Professor Mthuli Ncube and the Support measures to stabilise the interbank foreign currency market by the Governor of the Reserve Bank of Zimbabwe Dr John. P. Mangudya through SI142 of 2019.

The government introduced SI142 of 2019 yesterday, which states that the Bond note and RTGS are now the only currency to be used for day to day transactions in Zimbabwe.

Speaking on “The Avenue” on Classic263 this morning, the president of Confederation of Zimbabwe Retailers, Denford Mutashu said “The country has got to move on and embrace its own currency and have independence in monetary policy formulation and implementation with the RBZ playing the lender of last resort role in sync with the ongoing fiscal policy reforms. Retailers and Wholesalers are urged to changeover forthwith and immediately abandon selling goods and services in USD$ or any foreign currency as it has been outlawed. Non-compliance will attract unnecessary and unwanted attention to one’s brand by authorities.”

The introduction of the Zimdollar will further improve competitiveness.

The pricing distortions arising from the inflated and stage managed parallel market had left most Zimbabweans reeling and on the brink of total poverty as incomes, wages and salaries were eroded daily by the black market exchange rate.

The situation was worsened by the demand for USD$ for domestic transactions for local products, while most employees earn their wages and salaries in local currency.

“Manufacturers, millers, bakers, all suppliers and manufacturers and other service providers have been urged to comply with the law and stop demanding payments in foreign currency”, said the CZR president.

The business sector who have been reportedly removing goods from shelves are warned to comply with the law.