'Will We Resort To The Zimbabwe Dollar Again?'

Workers have expressed concern following Thursday’s announcement by the Reserve Bank of Zimbabwe (RBZ) allowing holders of free funds to pay for goods and services in foreign currency while fixing the exchange rate at $25 to US$1.

Zimbabwe Congress of Trade Unions (ZCTU) president Peter Mutasa queried why the RBZ had allowed businesses to accept foreign currency while it was silent on workers’ salaries. Said Mutasa:

It is clear that now that businesses have been allowed to accept the US dollar, it will eventually push out the Zimbabwe dollar from the market, yet the policy is silent on workers’ salaries.

We also think the RBZ governor should have announced a holistic policy without using the pandemic because the question that then arises is what will happen afterwards?

Will we revert to the Zimbabwe dollar again? We think these inconsistencies will further confuse the market.

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RBZ Governor John Mangudya also announced the suspension of increases in all electronic charges in order to promote digital payments during the coronavirus emergency.

More: The Herald