The Confederation of Zimbabwe Retailers (CZR) says it fully embraces the introduction of Zimbabwe’s own currency, the Zimbabwean dollar(Zim$) by The Minister of Finance and Economic Development Prof Mthuli Ncube and the support measures to stabilise the interbank foreign currency market by the Governor of the Reserve Bank Dr John Mangudya through SI142 of 2019.
In a statement the CZR President Mr Denford Mutashu said this comes after President Mnangagwa recently announced the impending introduction, as the market was already warming up to that reality.
“ The pricing distortions arising from the inflated and stage managed parallel market had left most Zimbabweans reeling and on the brink of total poverty as incomes, wages and salaries were eroded daily by the fictitious and fallacious black market exchange rate,” said Mr Mutashu.
He added that the dilemma was exacerbated by the demand for USD$ for domestic transactions even for goods ordinarily manufactured in Zimbabwe yet about 96% of the workforce earn their wages and salaries in local currency.
He urged the country 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,” said Mr Mutashu.
The CZR also urged manufacturers, millers, bakers, all suppliers and manufacturers and other service providers to comply with the law and stop demanding payment for goods and services from retailers, wholesalers and traders in foreign currency.
He further urged the RBZ to exercise restraint and prudence with the printing machine to safeguard the value of the Zimdollar.
According to Mr Mutashu the introduction of the Zimdollar will further improve competitiveness and efforts should be made to ensure importation of essential raw materials, capital goods, drugs and medicines, fuel, energy and power.
The CZR also urged the government to move in to act on the forex parallel market and arrest not only the street boys but the financiers of that market.