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Delta Corporation Urges Govt To Consult Before Major Policy Shifts To Prevent Undermining Confidence

5 years agoFri, 12 Oct 2018 07:10:47 GMT
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Delta Corporation Urges Govt To Consult Before Major Policy Shifts To Prevent Undermining Confidence

Beverage manufacturer Delta Corporation has called on the government to consult stakeholders before making any major shifts in policy as this could potentially undermine confidence in the markets. The company highlighted the 2 per cent tax on money transfers which was announced by Finance Minister Mthuli Ncube saying that the move had caught the market by surprise.

In an update, Delta company secretary Alex Makamure said

Post the end of the reporting period, the fiscal and monetary policy pronouncements have been dampened by the current policy statements which seem to contradict the previous undertakings by the Reserve Bank of Zimbabwe on the multicurrency framework…In addition, the 2% transaction tax took both business and consumers by surprise, raising policy risks and undermining market confidence. Government and regulators are urged to engage stakeholders ahead of major policy pronouncements in order to maintain market confidence.

The minister’s fiscal measures and the monetary policy announced by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya have been blamed for the spiralling of foreign currency rates in the past few days.

More: NewsDay

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