RBZ Urges Uptake Of Plastic Money

The Reserve Bank of Zimbabwe in order to promote the uptake of plastic money, the Reserve Bank of Zimbabwe will strengthen the mandatory licensing requirements for all business operators to have a bank account and Point Of Sale (POS) machine under the Shop and Shop Licensing Act, and deploy inspectors to curb misdemeanors that militate against price stability and availability of basic commodities.

Cabinet considered the report on basic commodities prices and availability and issues constraining local industry as presented by the Hon Vice President Gen. (Rtd) Dr. C.G.D.N. Chiwenga, on modalities to operationalise the ZiG currecny as legal tender for use in the economy, a de-dollarisation roadmap is now in place in terms of the presentation with a timeframe by the Minister of Finance, Economic Development and Investment Promotion.

It is also noted that some retailers and some manufacturers have been reportedly using the unofficial exchange rate in their operations and that there is a proliferation of smuggled and counterfeit goods that are unfairly competing with local products since they are not subjected to taxation and import duty.

The government going forward, will increase border patrols, increase the number of inspectors and implement a Whole-of-Government Approach to deal with the menace at border posts and penalties are being enforced against all perpetrators of unjust price hikes, manipulation of the ZiG currency, smuggling, and all forms of unfair trade practices and review of the fines from a minimum of US$200 Level 5 to a maximum of US$5 000 Level 14 or the ZiG equivalent for the various offences.

Licences will be rationalized and consolidated to be obtained in one office as a measure to enhance efficiency.

Cabinet also noted that there is significant amount of idle unutilized and abandoned industrial space in the form of empty shells, rail infrastructure, and other properties that belong to Private and Public entities which have been abandoned by their owners. An Inter-Ministerial Task Force will be established to focus on coordinating the identification of idle and abandoned industrial infrastructure spaces.