RBZ Governor Mangudya To Explain New Forex Rules

Deputy Finance Minister Clemence Chiduwa and Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya are expected to explain the controversial Statutory Instrument 127 of 2021 Presidential Powers (Temporary Measures) at a business breakfast meeting on Wednesday.

The meeting will be hosted by the Confederation of Zimbabwe Retailers (CZR) together with the Ministry of Finance and Economic Development.

The government last week gazetted SI 127 of 2021 which compels business to peg prices of goods and services in line with the official exchange rate.

The new regulations penalise those found on the wrong side of the law including businesses refusing to transact in the local dollar.

CZR president Denford Mutashu said the breakfast meeting set for tomorrow will deliberate on the impact of the new SI. Said Mutashu:

CZR and the Ministry of Finance will host a joint breakfast meeting on Wednesday in Harare before setting a date for Bulawayo and other centres.

We will come out and through to the market to explain the impact of the recently promulgated Statutory Instrument 127 of 2021.

The Deputy Minister of Finance (Clemence Chiduwa) will be the guest of honour at that event and the Governor of the Reserve Bank (Dr John Mangudya) will also come through to try and explain the impact of the policy on business and the monetary policy environment as well as the general public.

Zimbabwe National Chamber of Commerce chief executive officer, Christopher Mugaga and the Confederation of Zimbabwe Industries president, Henry Ruzvidzo, will also attend.

More: Chronicle

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