Director Human Resource (Mutare)

Content Developers And Content Reviewers Of Social Work Modules

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Nurse Training January 2025 Intake

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Department of Clothing and Textile Lectureship Position

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Management Accountant (Harare)

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Welder

Lecturer/Senior Lecturer/Associate Professor/Professor: Accountancy x5

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<p>Business leaders in Zimbabwe have blamed a continued depressed economy on lack of trust in the government by business.</p>
<p>Speaking at an AMH Conversations event recently, Confederation of Zimbabwe Industries president Sifelani Jabangwe said while the monetary measures introduced by the government are what business asked for, there’s lack of confidence and mistrust in the government.</p>
<blockquote><p>“For business, the period from October can be described as a very hectic one. The policy measures that have been put in place are in line with a lot of our requests in terms of removing distortions in the market. But, unfortunately, a lot of them are coming at a time when there has been a loss of confidence and I must agree to some extent mistrust of government intentions.</p>
<p>Then we have the introduction of the interbank market and unfortunately, at the moment there have been lots of buyers, but sellers have been non-existent.</p>
<p>Unfortunately, what we are hearing from the seller is that the rate that is on the market is not the market one, which is why we are finding players doing transactions outside the formal system.</p>
<p>The lack of confidence in the official platform has now resulted in sellers not coming to the market. We believe if the (interbank forex market) is based on a willing buyer/willing seller platform the rate will effectively come down.</p></blockquote>
<h3><strong>Related:</strong></h3>
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<li class="entry-title">
<h4><strong><a href="https://news.pindula.co.zw/2019/04/12/ed-fumes-over-price-hikes-retailers-blame-exchange-rate/" rel="bookmark">ED Fumes Over Price Hikes, Retailers Blame Exchange Rate</a></strong></h4>
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<h4><strong><a href="https://news.pindula.co.zw/2019/04/12/official-bank-rate-black-market-exchange-rates-today-12-april/" rel="bookmark">Official Bank Rate &amp; Black Market Exchange Rates Today – 12 April</a></strong></h4>
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<h4><strong><a href="https://news.pindula.co.zw/2019/04/09/cotton-farmers-to-get-50-in-forex-mangudya/" rel="bookmark">Cotton Farmers To Get 50% In Forex – Mangudya</a></strong></h4>
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<h4><strong><a href="https://news.pindula.co.zw/2019/04/09/nedbank-zimbabwe-bank-tellers-implicate-management-forex-scam/" rel="bookmark">EXCLUSIVE: Nedbank Zimbabwe Bank Tellers Implicate Management In Forex Scam</a></strong></h4>
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<p><strong>More: <a href="https://www.thestandard.co.zw/2019/04/14/govt-says-us-not-good-economy/">The Standard</a></strong></p>


Pindula News

New Monetary Policy Good, But Government Not Trusted Anymore: Business

<h3><strong>Title Of Event</strong>: The Nostro Files – Monetary Policy</h3>
<h3><strong>Date</strong>: 04 March 2019</h3>
<h3><strong>Venue</strong>: Jubilee Hall Celebration Centre</h3>
<h3><strong>Admission</strong>: Free</h3>
<h3>Guests: Happiness Zengeni (Financial Analyst and Busines Times Editor), Tinashe Murapata</h3>
<p><img alt="" class="aligncenter size-full wp-image-81159" decoding="async" height="1024" loading="lazy" sizes="(max-width: 869px) 100vw, 869px" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/03/Thrive-VBF-Monetrary-Policy-Review.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2019/03/Thrive-VBF-Monetrary-Policy-Review.jpg 869w, https://news.pindula.co.zw/wp-content/uploads/2019/03/Thrive-VBF-Monetrary-Policy-Review-255x300.jpg 255w, https://news.pindula.co.zw/wp-content/uploads/2019/03/Thrive-VBF-Monetrary-Policy-Review-768x905.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2019/03/Thrive-VBF-Monetrary-Policy-Review-600x707.jpg 600w" width="869"/></p>
<p> </p>
<p><img alt="" class="aligncenter wp-image-81021" decoding="async" height="371" loading="lazy" sizes="(max-width: 315px) 100vw, 315px" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/03/VBF-Monetary-Policy-Review-869x1024.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2019/03/VBF-Monetary-Policy-Review-869x1024.jpg 869w, https://news.pindula.co.zw/wp-content/uploads/2019/03/VBF-Monetary-Policy-Review-254x300.jpg 254w, https://news.pindula.co.zw/wp-content/uploads/2019/03/VBF-Monetary-Policy-Review-768x906.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2019/03/VBF-Monetary-Policy-Review-600x707.jpg 600w, https://news.pindula.co.zw/wp-content/uploads/2019/03/VBF-Monetary-Policy-Review.jpg 916w" width="315"/></p>
<p> </p>
<p><img alt="" class="aligncenter wp-image-81158" decoding="async" height="370" loading="lazy" sizes="(max-width: 314px) 100vw, 314px" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/03/Tinashe-Murapata-Thrive-VBF-Monetrary-Policy-Review.jpeg" srcset="https://news.pindula.co.zw/wp-content/uploads/2019/03/Tinashe-Murapata-Thrive-VBF-Monetrary-Policy-Review.jpeg 869w, https://news.pindula.co.zw/wp-content/uploads/2019/03/Tinashe-Murapata-Thrive-VBF-Monetrary-Policy-Review-255x300.jpeg 255w, https://news.pindula.co.zw/wp-content/uploads/2019/03/Tinashe-Murapata-Thrive-VBF-Monetrary-Policy-Review-768x905.jpeg 768w, https://news.pindula.co.zw/wp-content/uploads/2019/03/Tinashe-Murapata-Thrive-VBF-Monetrary-Policy-Review-600x707.jpeg 600w" width="314"/></p>
<p> </p>
<h3>Related:</h3>
<ul>
<li class="entry-title"><strong><a href="https://news.pindula.co.zw/2019/03/03/download-rbz-directive-to-dealers-on-establishment-of-interbank-forex-market/" rel="bookmark">DOWNLOAD: RBZ Directive To Dealers On Establishment Of Interbank Forex Market</a></strong></li>
<li class="entry-title"><strong><a href="https://news.pindula.co.zw/2019/02/27/rtgs-dollars-to-last-6-months/" rel="bookmark">RTGS Dollars To Last 6 Months</a></strong></li>
<li class="entry-title"><strong><a href="https://news.pindula.co.zw/2019/02/22/new-currency-rtgs-dollars-explained/" rel="bookmark">New Currency, RTGS Dollars Explained</a></strong></li>
</ul>


EVENT: The Monetary Policy Review (Happiness Zengeni)

<p>Reserve Bank of Zimbabwe governor John Mangudya says the RTGS Dollar value only changes when a person wants to get US Dollars and its value would be determined by market forces.</p>
<p>Responding to a local publication, The Standard on the value of RTGS Dollar balances in relation to US Dollars, Mangudya said:</p>
<blockquote><p>People should not get confused. In the bank, the RTGS balances have the same value with the USD but when one wants forex at the bank, then it changes and its value is determined by the rate prevailing at that particular bank.</p>
<p>We have not devalued the RTGS balances but allowed people to access the forex at a rate which is competitive and allows the economy to grow.</p>
<p>Your $1 000 in the bank is still $1 000. However, when you want to get the USD$, the rate and value will be determined by the market.</p></blockquote>
<p>Mangudya’s bizarre assertion follows the decision by the RBZ to float the local currency against major currencies, a move away from the 1:1 official exchange rate.</p>
<p>On Saturday the government gazetted a Statutory Instrument (SI) making the establishment of the local bond notes, real-time gross settlement (RTGS) balances and bond coins a separate legal tender called RTGS Dollars.</p>
<p>RTGS Dollars will compete on the money market together with other currencies in the multi-currency basket.</p>
<h4><strong>More: <a href="https://www.thestandard.co.zw/2019/02/24/us5-million-traded-first-day/">The Standard</a></strong></h4>


RTGS Dollar Balances Remain 1:1 With US Dollars - Mangudya

<p>RTGS Dollars are a Zimbabwean currency introduced on 20 February 2019 by the Reserve Bank of Zimbabwe. At introduction, the currency consisted of existing RTGS balances in bank accounts, Bond Notes cash and Bond Coins.</p>
<p><strong>So what are RTG Dollars?</strong> TechZim’s Alvine Chaparadza explains:</p>
<p>RTGS Dollars is money made up of bond notes, bond coins and RTGS balances (electronic money).</p>
<p><strong>What do consumers have right now?</strong></p>
<p>What consumers have in their bank accounts or mobile money wallets or pockets right now is now called RTGS Dollars. But those who opened Foreign Currency Account (FCA), their money is still pure US Dollars.</p>
<p><strong>Are RTGS Dollars a new currency?</strong></p>
<p>That’s the topic of every conversation in Zimbabwe right now. Well, Dr John Mangudya never said or mentioned that the RTGS dollars are Zimbabwe’s new currency. However, the way the RTGS dollars are being treated on the currency market overwhelmingly suggest that RTGS dollars are Zimbabwe’s new currency. So officially RTGS dollars are not Zimbabwe’s new currency but unofficially they are our new currency.</p>
<p><strong>What is the exchange rate between RTGS dollars and US dollars?</strong></p>
<p>The official or formal exchange of RTGS dollars and US dollars (RTGS dollars/US Dollars) is going to begin on Monday the 25th of February. The Reserve Bank of Zimbabwe said the initial exchange rate between the two currencies would be 2.5 RTGS dollars/US dollar.</p>
<p><strong>Will the rate between the two go up?</strong></p>
<p>The RBZ governor said he expected the rate (3-4 RTGS dollars/US dollar) to go down, however, we’d have to wait and see what the market says.</p>
<p><strong>How will the rate between RTGS dollars and US dollars be determined?</strong></p>
<p>The exchange rate will be determined by the forces of supply and demand on an auction market the RBZ has set up called the Interbank Foreign Currency Exchange Market, which is made up of banks and Bureau de change.</p>
<p><strong>If I want to exchange RTGS and US dollars what do I do and where do I go?</strong></p>
<p>If you want to exchange whatever money you have, you go to a Bureau de change or bank.</p>
<p><strong>Will the black market exist?</strong></p>
<p>The black market will obviously exist because typically it offers better rates than those offered by banks or Bureau de changes.</p>
<p><strong>Does the introduction of RTGS dollars change prices?</strong></p>
<p>According to John Mangudya, nothing should change just because bond notes, bond coins, and RTGS balances are now called RTGS dollars.</p>
<h4><strong>More: <a href="https://www.techzim.co.zw/2019/02/here-are-the-answers-to-all-your-questions-about-the-rtgs-dollars/" rel="noopener" target="_blank">TechZim</a>,  <a href="https://www.iol.co.za/business-report/international/zimbabwes-rtgs-dollars-explained-19447766" rel="noopener" target="_blank">IOL news</a></strong></h4>


New Currency, RTGS Dollars Explained

<p>The Zimbabwe Tobacco Association president Rodney Ambrose has dismissed reports that his organisation has rejected the 30 per cent forex retention threshold announced by the Central Bank governor John Mangudya during the presentation of the Monetary Policy Statement on Wednesday.</p>
<p>Earlier reports had indicated that the Association’s members held a meeting on Wednesday night to map the way forward regarding the position taken by Mangudya. The report further claimed that tobacco farmers had threatened to withhold their crop.</p>
<p>Writing to Pindula News on Thursday, Rodney refuted those claims. He said:</p>
<blockquote><p>Reference is made to your online story above in which it is mentioned that the Zimbabwe Tobacco Association President Mr Rodney Ambrose has indicated that tobacco farmers will withhold their tobacco crop if the 30% is not reviewed.</p>
<p>The article also mentions that tobacco growers were meeting to discuss the matter on the night of Wednesday 20th February into Thursday 21st February 2019.</p>
<p>We write to you to inform you that both matters are very untrue. At no time was it indicated to any reporter that tobacco farmers would withhold their crop if the 30% is not reviewed. Also, no meeting of tobacco growers has taken place yet to discuss the matter.</p></blockquote>
<h4><strong>Read Also:</strong></h4>
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<h4><a href="https://news.pindula.co.zw/2019/02/22/monetary-policy-statement-punishes-producers-and-exporters-fadzai-mahere/" rel="noopener" target="_blank"><strong>Monetary Policy Statement Punishes Producers And Exporters – Fadzayi Mahere</strong></a></h4>
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Ambrose Dismisses Reports Of Threats To Withhold Tobacco Over 30% Forex Retention Threshold

<p>Central bank governor John Mangudya on Friday addressed a Daily News Breakfast meeting on the MPS2019. Below are some of the major highlights from Mangudya’s delivery:</p>
<ul>
<li>The MPS2019 means something for everyone. For the first time, there is clarity on prices and exchange rate.</li>
<li>The street rate is way too high coz there is a risk premium(You can go to jail for 10yrs).</li>
<li>We will reward exporters by giving them fair value for th portion of their forex which we retain.</li>
<li>I am guilty as charged. Taking exporters’ money at $1:1 when prices had risen by 3 or 4 times was unfair.</li>
<li>For forex dealers in the streets, they now have an opportunity to open formal beaurue de changes and trade formaly.</li>
<li>Bond Notes came into effect to formalise the export incentive. The 5% incentive scheme was a shadow exchange rate. It went on well when inflation was below 5%. When the inflation went beyond 20% all hell broke loose.</li>
<li>The Bond Notes+Coins is the fiet currency of the RTGS Balance in the same manner that physical USDs are a fiet currency of your dollars in th nostro account.</li>
<li>The delay of the MPS was because we were taking our time to analyse all submissions.</li>
<li>We will arrange foreign lines of credit since demand will be greater than the supply of forex. We need to cloud seed the market with forex.</li>
<li>The RBZ will play in the Open Market by buying when the rate is low and sale when the rate is high.</li>
<li>The rate will open at $1: 2.50(RTGS) as per agreement with forex dealers in the Banks.</li>
<li>All import invoices have to be resubmitted to the Banks since we are starting a new thing all together- Dr Mangudya.</li>
<li>The RBZ will open a window as a Lender of Last resort inorder to protect market players who are short.</li>
<li>After setting up the Lender of last resort window, we will come up with a Bank Rate(Repo Rate) which will guide interest rates in the market.</li>
<li>We need to strike a good balance to make the market to continue to grow and avoid treading into a recession.</li>
</ul>


1USD Will Start At 2.50RTGS Dollar When Interbank Forex Trade Begins - Mangudya

<p>Reserve Bank of Zimbabwe Governor John Mangudya revealed that diaspora remittances into Zimbabwe dropped by 11,4 per cent in 2018 to $619, 2 million from $699 million received in 2017.</p>
<p>Mangudya said this while presenting the 2019 Monetary Policy Statement on Wednesday. He said:</p>
<blockquote><p>Diaspora remittances contributed $619,2 million, a decline of 11,4 per cent as compared to $699 million received in 2017.</p>
<p>The decline of diaspora remittances is mainly attributed to the preference to send in-kind remittances by the diaspora and the interception of remittances in South Africa by cross border traders.</p></blockquote>
<h4><strong>More: <a href="https://www.chronicle.co.zw/diaspora-remittances-drop/">Chronicle</a></strong></h4>


Diaspora Remittances Fall In 2018

<p>Constitutional law expert and political analyst Advocate Fadzayi Mahere said that the problem with the Zimbabwean government is its failure to respect property rights.</p>
<p>Mahere added that the Monetary Policy Statement punishes producers and exporters. Writing on her Twitter page on Friday, Mahere said:</p>
<blockquote><p>We must have a serious discussion about property rights. By the stroke of a pen, the Govt compulsorily takes people’s property without compensation – exporters, depositors, farmers. Sad. When will they learn that there can be no productivity or investment without property rights?</p>
<p>You can’t say low productivity and a lack of investment are the problems but every policy you announce punishes those who are producing and exporting. An investor who was banking here and invested in real currency five years ago wakes up today and his money is not money anymore.</p></blockquote>
<h4><strong>Related:</strong></h4>
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<h4><a href="https://news.pindula.co.zw/2019/02/22/take-rbz-to-court-for-devaluing-bond-notes-rtgs-global-economist-hanke/"><strong>Take RBZ To Court For Devaluing Bond Notes, RTGS- Global Economist Hanke</strong></a></h4>
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Monetary Policy Statement Punishes Producers And Exporters - Fadzayi Mahere

<p>Constitutional law expert and political analyst Advocate Fadzayi Mahere said that the problem with the Zimbabwean government is its failure to respect property rights.</p>
<p>Mahere added that the Monetary Policy Statement punishes producers and exporters. Writing on her Twitter page on Friday, Mahere said:</p>
<blockquote><p>We must have a serious discussion about property rights. By the stroke of a pen, the Govt compulsorily takes people’s property without compensation – exporters, depositors, farmers. Sad. When will they learn that there can be no productivity or investment without property rights?</p>
<p>You can’t say low productivity and a lack of investment are the problems but every policy you announce punishes those who are producing and exporting. An investor who was banking here and invested in real currency five years ago wakes up today and his money is not money anymore.</p></blockquote>
<h4><strong>Related:</strong></h4>
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<li>
<h4><a href="https://zero.pindula.co.zw/take-rbz-to-court-for-devaluing-bond-notes-rtgs-global-economist-hanke/"><strong>Take RBZ To Court For Devaluing Bond Notes, RTGS- Global Economist Hanke</strong></a></h4>
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WATCH: Tendai Biti Analyses 2019 Monetary Policy Statement

<p>In an interview with The Chronicle, economist and former MDC legislator Eddie Cross hailed the 2019 Reserve Bank of Zimbabwe (RBZ) Monetary Policy Statement.</p>
<p>Cross said the establishment of a formal exchange market will result in stable forex prices and the black market will disappear. He also said prices of most goods will drop following the devaluing of the bond note. Said Cross:</p>
<blockquote><p>It’s a step in the right direction especially looking at the establishment of the formal forex exchange market. What it means is that the forex prices will stabilise and the forex black market will eventually disappear. Definitely, prices of most goods are expected to drop following the freeing up of the exchange rate. The prices have increased as they chased the exchange rate but after the formalisation and stabilisation of the market, prices will definitely fall</p></blockquote>
<p>Cross also said exchange rate controls should be totally abolished altogether as they have a negative impact on the economy. He said the monetary policy compliments Mthuli Ncube’s budget.</p>
<p>More: <a href="https://www.chronicle.co.zw/cross-hails-monetary-policy-statement/">Chronicle</a></p>


Monetary Policy Step In Right Direction- Eddie Cross

<p>MDC-T spokesperson Linda Masarira asserts that the floating of the RTGS Dollar will be beneficial to the economy as it will eliminate the middleman in the trading of foreign currency and disincentivise hoarding of cash for speculative purposes. <a href="https://twitter.com/lilomatic/status/1098529804691877888">Writing in her personal capacity on Thursday, Masarira said:</a></p>
<blockquote><p>My logical personal opinion on the monetary policy is that the introduction of the market determined rate for the USD and the RTGS balance will bring about sanity in the markets and pricing of goods.</p>
<p>We will witness the black market rate coming down to its true value as opposed to the induced value that it has been trading on the parallel market. This is mainly due to 1. Elimination of the middle man, 2. Removal of bottlenecks as money changers tend to hoard offload USD for speculative purposes. 3. Transparency in the determination of the market value of USD</p>
<p>Key to the success and sustenance of the interbank FOREX market is the qualification of players who can access FOREX.</p>
<p>It will be prudent for exporters and import substitution players to access the FOREX without being crowded out or priced out by importers of luxury goods that have no correlation to production and influence the countries ability to generate more FOREX and reduce imports.</p>
<p>The separation of essential goods such as cooking oil from the FOREX markets to the existing letters of credit is welcome news as it protects critical industries that have a huge impact on the cost of basic goods for the ordinary person.</p>
<p>We should witness prices coming down within a week or two with artificial shortages of goods on the shelves disappearing. Positivity is Livity and Zimbabwe will be great again.</p></blockquote>
<h4><strong>Related:</strong></h4>
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<h4><a href="https://zero.pindula.co.zw/mugabe-taught-us-to-have-self-pride-mdc-t-spokesperson/"><strong>Mugabe Taught Us To Have Self-Pride – MDC-T Spokesperson</strong></a></h4>
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MDC-T Spokesperson, Linda Masarira Excited By Monetary Policy Statement

<p>The Employers’ Confederation of Zimbabwe acting president, Israel Murefu says that the floating of the RTGS Dollar will not have much of an impact to employers as most companies had already adjusted prices to the black market rates.</p>
<p>In an interview with Business Times, Murefu said:</p>
<blockquote><p>Manufacturers and retailers had already increased prices to match the parallel market rates, so for us, we think there will be a minimum impact on employers. It’s a situation that we were already in.</p></blockquote>
<p>The concerns come after the Central Bank governor John Mangudya announced that the rate of the RTGS Dollars will be driven by the market while delivering the Monetary Policy Statement. It has been anticipated that workers will demand a hike in their salaries.</p>
<h4><strong>More: <a href="https://businesstimes.co.zw/employers-not-worried-by-bond-notes-rtgs-devaluation/">Business Times</a></strong></h4>


Employers Not Anxious Over Floating Of RTGS Dollar

<p>The president of the Confederation of Zimbabwe Industries (CZI), Sifelani Jabangwe said that business is very pleased with the Monetary Policy Statement issued by Reserve Bank of Zimbabwe governor John Mangudya on Wednesday.</p>
<p>In an interview with the Daily News soon after the Mangudya’s presentation, Jabangwe said:</p>
<blockquote><p>This is very much welcome and it is more of what we have been calling for … people will start going to the banks and buy foreign currency all round, getting fair value for their money, instead of being cheated in the distorted market.</p>
<p>People were also not remitting their forex into banks because they preferred the parallel market, where there was value for US dollars, but now we will see people taking their money to banks.</p>
<p>It will also help with liquidity relating to Diaspora remittances as people can now take the forex to the bank and not parallel markets.</p>
<p>Prices are thus likely to go down. Businesses and local manufacturers will be export competitive as the RBZ has cleared the air on currency exchange rates.</p>
<p>The investment will also start trickling in because there is a defined exchange rate now. Before investors would ask us the rate of their investments and we could not clarify what the national exchange rate was relative to the value of their investment.</p></blockquote>
<h4><strong>Related:</strong></h4>
<ul>
<li>
<h4><a href="https://zero.pindula.co.zw/economist-lauds-rbz-for-introducing-a-new-currency-the-rtgs-dollar/"><strong>Economist Lauds RBZ For Introducing A New Currency, The RTGS Dollar</strong></a></h4>
</li>
</ul>
<h4><strong>More: <a href="https://www.dailynews.co.zw/articles/2019/02/21/govt-moves-to-kill-black-market">Daily News</a></strong></h4>


CZI Boss, Sifelani Jabangwe Hails Monetary Policy Statement

<p>MDC Alliance president Nelson Chamisa on Thursday hs castigated the government and the Reserve Bank of Zimbabwe (RBZ) for misleading the Zimbabweans on the bond note. <a href="https://twitter.com/nelsonchamisa/status/1098540891541782528" rel="noopener" target="_blank">Said Chamisa:</a></p>
<blockquote><p>THE MONETARY POLICY STATEMENT is a disaster that will erode livelihoods, plunge the nation into darkness and uncertainty. The nation was misled that bond note was equal to USD. Not good enough to simply wake up to say the same is now no longer equal, minus apology and compensation.!</p></blockquote>
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<li class="entry-title">
<h4><a href="https://news.pindula.co.zw/2019/02/20/rbz-has-worsened-the-problem-global-economist-hankie-comments-on-rtgs-dollars/" rel="noopener" target="_blank"><strong>RBZ Has Worsened The Problem – Global Economist Hankie Comments On RTGS Dollars</strong></a></h4>
</li>
<li class="entry-title">
<h4><strong><a href="https://news.pindula.co.zw/2019/02/21/john-mangudya-is-a-thief-tendai-biti/" rel="noopener" target="_blank">“John Mangudya Is A Thief” – Tendai Biti</a></strong></h4>
</li>
<li class="entry-title">
<h4 class="entry-title"><strong><a href="https://news.pindula.co.zw/2019/02/20/rtgs-dollar-spells-doom-for-the-economy-biti/" rel="noopener" target="_blank">RTGS Dollar Spells Doom For The Economy – Biti</a></strong></h4>
</li>
<li class="entry-title">
<h4 class="entry-title"><strong><a href="https://news.pindula.co.zw/2019/02/20/full-thread-rtgs-dollar-a-precursor-of-a-physical-local-currency-magaisa/" rel="noopener" target="_blank">FULL THREAD: RTGS Dollar A Precursor Of A Physical Local Currency – Magaisa</a></strong></h4>
</li>
</ul>


Mangudya Has Plunged Nation Into Darkness And Uncertainty - Chamisa

<p>South African Airlines will from today only accept RTGS payment for same day travel. This was revealed in a statement released by the airliner. The Statement reads as follows:</p>
<blockquote><p>Dear Travel Partners</p>
<p>With Immediate Effect (21 February 2019 00:01 AM):</p>
<p>In view of the Monetary Policy Statement announced 20 February 2019, clarity is being sought from the RBZ as to the implications of further collections in RTGS for air tickets issued after 20 February 2019.</p>
<p>THEREFORE AS A TEMPORARY MEASURE, TICKETS CAN BE ISSUED ONLY FOR SAME DAY AND NOT BEYOND. UPDATES WILL FOLLOW ONCE CLARITY HAS BEEN RECEIVED.</p>
<p>Our offices will make use of the BSP link to monitor ALL TICKETS issued by ALL AGENTS and any tickets issued outside these parameters will have their status change to “R” (Refund) and will only be good for a refund. Normal cancellation penalties will apply. Where customers want to pay for their tickets outside these parameters, they are welcome to do so in USD CASH or CREDIT CARD.</p>
<p>All agents are encouraged to advise their clients accordingly, as no exceptions, waivers or negotiations will be entered into. Please adhere to this instruction so as to avoid inconvenience to yourself and our mutual customers.</p>
<p>We look forward to your usual cooperation as this is a Temporary Measure.</p>
<p>With Kind Regards</p>
<h4>Winnie Muchanyuka<br/>
Acting Regional Manager Southern Africa</h4>
</blockquote>
<p><img alt="" class="aligncenter wp-image-79546 size-full" decoding="async" height="1200" loading="lazy" sizes="(max-width: 820px) 100vw, 820px" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/02/SA-Airways.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2019/02/SA-Airways.jpg 820w, https://news.pindula.co.zw/wp-content/uploads/2019/02/SA-Airways-205x300.jpg 205w, https://news.pindula.co.zw/wp-content/uploads/2019/02/SA-Airways-768x1124.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2019/02/SA-Airways-700x1024.jpg 700w, https://news.pindula.co.zw/wp-content/uploads/2019/02/SA-Airways-600x878.jpg 600w" width="820"/></p>


FULL TEXT: SAA Changes Ticket Sales Conditions In Response To RTGS Dollars

<p>Constitutional law expert and academic, Alex T. Magaisa says that the newly-introduced RTGS Dollar is simply the Zimbabwean dollar by another name. He suggests that sooner rather than later, there will be a physical currency to back the “virtual” RTGS dollar. He says:</p>
<blockquote><p>Zimbabwe has a “new” currency called RTGS Dollar. It’s effectively the Zim Dollar by another name, if you want to be cautious, it’s a precursor to a local physical currency which will be needed in an economy that has an appetite for physical cash.</p>
<p>Government commands that this RTGS Dollar should be used for all transactions. Curiously, even in the face of this command, the government maintains the fiction of multi-currency still exists.</p>
<p>RTGS Dollar is a virtual currency (electronic) whose value will be determined by market forces. Essentially, the government has abandoned the fiction of 1:1 rate of the bond note to USD.</p>
<p>The bond note will trade at the market-based value of the RTGS Dollar, although the government doesn’t say so in express terms.</p>
<p>Although the government says it will now add the RTGS Dollar to the basket of multi-currencies, in reality, the RTGS Dollar has always existed and been used, albeit at the fixed rate of 1:1 to the USD.</p>
<p>What has changed, therefore, is that the command rate for the RTGS Dollar has now been replaced by the market rate. It’s an admission that the 1:1 is untenable.</p>
<p>If we consider that it was already trading on market rates on the black market, the government has simply followed the market (a reminder of 2008/9). This was bound to happen as the old fiction could not be maintained.</p>
<p>The big question is whether the RTGS Dollar will hold its black market value now that it’s official. On that, the market, as always, has the answer.</p>
<p>Interestingly, the government maintains the forex allocation scheme, itself a haven for rent-seekers unless it is open and transparent, something that has been lacking in the past. The new forex allocation committee will have to be transparent and robust in its role.</p>
<p>Since the government is probably the biggest consumer (and allocator) of forex, its appetite and conduct will have the biggest impact on the rates of exchange between the RTGS Dollar and the USD.</p>
<p>The forex retention scheme has some curious points. For example, a tobacco farmer is allowed to retain 30% of export proceeds in USD, while a tobacco merchant retains 80%. In other words, the policy rewards the middleman over the grower. It privileges capital over labour.</p>
<p>This is curious given the role of producers. Some might say the remainder for the farmer will be at the floating rate so there’s no problem. But if that logic works why not treat growers and merchants similarly? No doubt growers will not be happy and middlemen will be smiling.</p></blockquote>
<h4><strong>Related:</strong></h4>
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<h4><a href="https://news.pindula.co.zw/2019/02/20/success-of-mangudyas-mps-depends-on-how-much-he-can-be-trusted-magaisa/"><strong>Success Of Mangudya’s MPS Depends On How Much He Can Be Trusted – Magaisa</strong></a></h4>
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FULL THREAD: RTGS Dollar A Precursor Of A Physical Local Currency - Magaisa

<p>The Reserve Bank of Zimbabwe Governor John Mangudya on Wednesday introduced a new currency, the RTGS Dollar.</p>
<p>Mangudya revealed that the country has abandoned the 1:1 ratio between bond notes and US dollars, a rate maintained by the central bank for nearly three years. He said:</p>
<blockquote><p>We say that the RTGS dollars are composed of RTGS balances, bond note and bond coins and are in the basket of currencies which Zimbabweans are using.</p></blockquote>
<p>Ashok Chakravati, a local economist had this to say:</p>
<blockquote><p>It’s a request that has been in the works for many months by companies. It is a sign that this is a listening government and also a listening central bank.</p></blockquote>
<p>Another economic commentator, Neville Mandimika from Rand Merchant Bank said a local currency was indeed needed though the timing may not be appropriate. He said:</p>
<blockquote><p>The critical issue here is on how it’s introduced. There are various steps that must be followed to ensure that the currency will be accepted as a store of value.</p>
<p>Of these, the most important is ensuring that the economy has adequate forex reserves, which will act as a shock absorber. At this stage, the reserves simply aren’t there to justify its reintroduction.</p></blockquote>
<p>Timeslive report summaries the major highlights of the Monetary Policy Statement as follows:</p>
<ul>
<li>effective 25 February, depositors will be able to move US dollars locally between banks under the interbank system;</li>
<li>essential imports such as fuel and electricity will continue to have forex allocated by the Forex Allocation Committee;</li>
<li>gold producers will keep 55% of their earnings in foreign currency;</li>
<li>tobacco and cotton growers will receive 30% of their earnings from crop sales in foreign currency.</li>
<li>Tobacco merchants will have 80% of their earnings in foreign currency;</li>
<li>All forex holdings will be liquidated within 30 days at the market rate for the day; and</li>
<li>a legal instrument will be gazetted that allows for the use of RTGS dollars and all entities, including government and individuals, will recognise the new currency.</li>
</ul>
<h4><strong>More: <a href="https://www.timeslive.co.za/news/africa/2019-02-20-new-currency-for-zimbabwe-as-foreign-currency-crisis-deepens/">TimesLive</a></strong></h4>


Economist Lauds RBZ For Introducing A New Currency, The RTGS Dollar