The Ministry of Finance and Economic Development has produced a document outlining the macroeconomic policy measures to support its 5-year de-dollarisation strategy.
The 5-year period is from the year 2020 to the year 2024.
It states that the payment of salaries in foreign currency for expatriates and NGOs shall be permissible from 2020 to 2024 as this is standard practice in many countries.
On the issue of payment of salaries in foreign currency by local companies (e.g. mines) to local employees, the Ministry of Finance has outlined a gradual reduction in the percentage of the salary payable in foreign currency over the 5-year period.
In 2020, up to 50% will be paid in foreign currency at the discretion of the employer, in 2021 – 40%, in 2022 – 30%, in 2023 – 20% while in 2024 only 10% of the salary will be payable in foreign currency, again at the discretion of
the employer.
Treasury has also revealed that during the 5-year de-dollarisation period, all goods and services in the country will be chargeable in local currency and payable in local currency or foreign currency using free funds.
Download the DE-DOLLARISATION ROADMAP Final Document Here in PDF
That’s progress make decisions day by day
Baffon
Very impressive thinking
They are now thinking straight and making the right policies. They should also extend the 50% forex salary payment to government employees
Government does not generate foreign currency. Where do they get foreign currency to pay it’s employees
From taxes.
1. Duties are levied in forex
2. If some employees are paid in forex then PAYe will be in forex.
3. Companies will remit VAT amd Income in forex for products sold in forex
Idiots were told it wouldnt work in the first place and it hasnt. It has wasted time and cause alot of suffering AGAIN to the people of Zimbabwe. Biti should be minister of finance because you dont know what you are doing!
It’s not an issue of who should be Minister of finance, policy consistency is a prerequisite to boost confidence. Biti technically is a lawyer & what he implemented were government decisions, rather cabinet decisions. He is not an expert in finance
It’s not an issue of who should be Minister of finance, policy consistency is a prerequisite to boost confidence. Biti technically is a lawyer & what he implemented were government decisions, rather cabinet decisions. He is not an expert in finance
By the Mthuli himself is an expatriate paid in forex, hence his plans are focused on lengthening the period to 2024!!
Most forex comes from china and zanu hoards it with impunity so much for the reintroduce national currency
As always the blind are leading the blind