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The Confederation of Zimbabwe Retailers (CZR) has warned the government against banning the existing multi-currency system and designating the Zimbabwe Gold (ZiG) as the exclusive legal tender to stabilise the rapidly depreciating local currency, reported <a href="https://www.newsday.co.zw/local-news/article/200033068/no-to-forced-de-dollarisation-retailers">NewsDay</a>.
On September 27, the Reserve Bank of Zimbabwe (RBZ) devalued the ZiG from 14.1 to 24.3 per United States dollar. 
In the wake of this devaluation, some economic analysts have urged the government to ban the use of the United States dollar and adopt the ZiG as the exclusive currency for trade.
However, in a report addressed to RBZ governor John Mushayavanhu on September 30, CZR president Denford Mutashu warned that enforced de-dollarisation could have “catastrophic consequences” for the economy. Said Mutashu:
<blockquote>
As the CZR, we strongly believe that any attempts to fully de-dollarise at this stage could have catastrophic consequences for both businesses and the broader economy.
A hasty transition will amplify current economic challenges rather than alleviate them.
</blockquote>
Mutashu warned that banning the US dollar for domestic transactions could lead to fuel shortages and severely impact the retail sector, along with other industries. He said:
<blockquote>
Any move to switch the currency of transaction, without adequate reserves and systems in place, will inevitably lead to scarcity, causing significant disruptions across all sectors.
The transportation industry, a critical player in the retail supply chain, would also be affected, driving up logistical costs and causing inflationary pressures.
With the current foreign currency exchange allocation system, there are already challenges in meeting the demands of industries for US dollars.
Full de-dollarisation would exacerbate these shortages as businesses will struggle to secure foreign currency to import essential goods and raw materials.
</blockquote>
Mutashu suggested that, for now, the government should permit the coexistence of both the US dollar and the ZiG to provide businesses and consumers with the flexibility necessary to adapt. He added:
<blockquote>
Gradually, as confidence in the local currency builds, the reliance on the US dollar can be reduced.
</blockquote>
In an interview with NewsDay, Economist Prosper Chitambara said de-dollarisation should be market-driven. He said:
<blockquote>
Well, my thinking is that the issue of de-dollarisation is a very sensitive matter and it is a matter that must be dealt with very circumspectly and also very cautiously.
It must not necessarily be a rushed exercise or a government-decreed exercise, but it must be an inclusive process that is based on a market-determined process that is tied to the attainment of certain key benchmarks around issues of production, issues of reserves, inflation and issues of informality.
</blockquote>
Economist Vince Musewe warned that forcing a local currency will collapse the economy. He said:
<blockquote>
Zimbabweans prefer the US dollar and that is not about to change. Unless there is a drastic change in policymaking, the same problems will continue to be faced by us beyond 2030. Forcing a local currency will collapse the economy.
</blockquote>
The ZiG, or Zimbabwe Gold, was launched in April 2024 and represents the country’s sixth attempt to establish a stable currency in the past 15 years.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Retailers in Zimbabwe are worried about the government changing the currency to only use the Zimbabwe Gold (ZiG) instead of the US dollar. They say this could have bad effects on the economy, like fuel shortages and higher prices. They want both currencies to be allowed for now, until people trust the ZiG more. Economists also think the change should be gradual and decided by the market, not rushed by the government. They are worried that forcing a new currency could make things worse for the country. The ZiG was started in 2024 as an attempt to make a stable currency.

Retailers Warn Government On Potential Risks Of De-Dollarisation

The Reserve Bank of Zimbabwe (RBZ) has reportedly injected US$190 million into the foreign exchange market to meet demand for dollars and maintain economic stability since the introduction of the Zimbabwe Gold (ZiG) in April.
Launched in April 2024, the ZiG is backed by reserves of gold, precious metals, and cash held at the central bank.
In a phone interview with Bloomberg on Monday, Persistence Gwanyanya, a member of the RBZ’s monetary policy committee (MPC), confirmed that the central bank has injected a total of US$190 million into the forex market since the ZiG’s launch. Said Gwanyanya:
<blockquote>
Initially, there was not much need to intervene at the launch of ZiG. But now there has been, with the emerging volatilities, which show reduced dollarization in the economy from 85% to 60%.
Dedollarisation is happening faster than we expected. We tend to experience these challenges, so we need to manage all the pressures.
</blockquote>
In late July, the RBZ announced that it had injected US$50 million into the market to meet the demand for dollars among Zimbabwe’s lenders.
The ZiG represents Zimbabwe’s sixth attempt to establish a functional local medium of exchange in the past 15 years.
As of Monday, September 2, the ZiG was trading at 13.86 per dollar on the official market, according to data posted on the central bank’s website.
However, <a href="https://zimpricecheck.com/">ZimPriceCheck.com</a>, which tracks both official and unofficial exchange rates, reports that a U.S. dollar is fetching between 16 and 26 ZiG on the streets of Harare.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Reserve Bank of Zimbabwe put $190 million in the forex market to get more dollars and keep the economy steady since introducing ZiG. ZiG, began in April 2024, is tied to gold, precious metals, and cash held by the central bank. Persistence Gwanyanya said the bank injected $190 million to deal with recent challenges due to less use of the dollar in the economy. RBZ also gave $50 million in July. ZiG is the sixth try in 15 years to create a local currency. ZiG was trading at 13.86 per dollar, but street rates in Harare were 16 to 26 ZiG for one dollar.

RBZ Injects US$190 Million Into Forex Market To Meet Demand

Some supermarkets in Masvingo city are reportedly rejecting electronic payments in ZiG (swipe) and this has left many civil servants, who receive their salaries in ZiG currency stranded.
According to <a href="https://x.com/TellZimbabwe/status/1825862046841438362">TellZim News</a>, the shops rejecting ZiG swipe include Nyaningwe Supermarket and Bhola Hypermarket.
This comes as members of the public are struggling to access ZiG notes which remain scarce, four months after the launch of the currency.
Last month, the <a href="https://www.chronicle.co.zw/shops-continue-to-reject-zig/">Chronicle</a>, reported that some businesses in Bulawayo had resorted to feigning network issues with their point-of-sale (POS) machines as a pretext to exclusively demand foreign currency transactions.
The report identified Greens Supermarket and Oceans, two retail outlets in Bulawayo, among those that were allegedly turning away shoppers attempting to pay electronically in the local currency, claiming their POS systems were not functional.
Mthokozisi Nkosi, the chairperson of the Consumer Protection Commission (CPC), said the Commission would take action against shops that were unlawfully rejecting the ZiG as a means of payment. Said Nkosi:
<blockquote>
We understand technology fails at times. We equally understand that it is serviceable, hence no reason to continuously claim the system is out of order.
Let these businesses be warned that we cannot be bystanders when they flagrantly violate consumer laws.
The law is clear that we are in a multi-currency regime and consumers have a choice on which currency to use as they transact.
We are coming after these unscrupulous businesses. Our Bulawayo office is going to be descending on these rogue elements.
We strongly warn them to stop this practice forthwith.
</blockquote>
Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu recently said the ZiG now accounts for approximately 30% of all transactions in the economy, up from 20% at the time of its introduction in April 2024.
When the ZiG was first introduced on April 5, 2024, the central bank estimated that between 80 and 85% of all transactions in the economy were settled using US dollars, with the remaining balance in the former Zimbabwean dollar, which was replaced by the ZiG.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Some supermarkets in Masvingo city are not accepting electronic payments in ZiG, leaving civil servants with no way to spend their wages. This is happening because ZiG notes are hard to find. Other businesses in Bulawayo are pretending their machines are broken so they can only accept foreign currency. The Consumer Protection Commission is taking action against these unfair practices. The ZiG now makes up 30% of all transactions in the country, up from 20% when it started in April 2024. Before ZiG, most transactions were in US dollars with some in the old Zimbabwean dollar.

Supermarkets In Masvingo Reject ZiG, Leaving Civil Servants Stranded

Zimbabwe has increased fees and further introduced US dollar payments for all services obtained within the country’s courts.
The new fees will now be payable in US dollars or in Zimbabwean dollars at the prevailing interbank rates, ZimLive reported citing the Ministry of Justice and Legal and Parliamentary Affairs.
The new charges are contained in the Magistrate Court (Civil) Statutory Instrument (SI) 196 of 2022 which replaces SI 222 of 2020.
As of Tuesday 15 November 2022, <a href="https://zero.pindula.co.zw/rbz-forex-auction-zimbabwe-dollar-official-rate-as-of-15-november-2022/">the inter-bank rate was pegged at ZWL$639.1003 for one US dollar.</a>
Fees Schedule:
<blockquote>
i). Marriage licences are now pegged at US$25 (ZWS$15 900) up from ZW$1 000.
ii). Summons or applications commencing now cost US$5 or ZW$3 180 up from ZW$300.
iii). The charge for a notice of appeal is now US$10 or ZW$6 360 an increase from ZW$500.
iv). Transcription of record and request for typed judgment per page is now pegged at US$1 or ZW$636 up from ZW$100.
v). Court record. If one requires to appeal a judgment at the High Court, a copy of the court record of the case must be provided. A record can be as long as 200 pages which needs US$200 or ZW$127 200.
vi). Liquor licence applications (Bulawayo and Harare districts) for temporary and late openings now cost US$350 or ZW$222 600 and US$500 or ZW$318 800 up from ZW$15 000 and ZW$20 000 respectively.
</blockquote>
The High Court SI 194 of 2022, Constitutional Court SI 199 of 2022, and the Labour Law SI 197 of 2022 have also outlined new charges in US dollars.
The government has been criticised for demanding foreign currency when it has been accusing the private sector of pegging prices in US dollars.
Recently, the Ministry of Transport announced that commercial vehicles at the Beitbridge border post are to<a href="https://zero.pindula.co.zw/toll-fees-at-beitbridge-border-post-now-payable-exclusively-in-us-and-south-african-rand/"> pay their fees in US dollars or South African Rands.</a>
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwe Hikes Fees, Introduces US Dollar Payments For Services Obtained In Courts

ZTCU Authorities have expressed their concern over the increased use of the USD 6 months after the government declared the Zim Dollar the official currency and banned the multi-currency system Daily News reports.
ZCTU’s <a href="https://www.pindula.co.zw/Japhet_Moyo">Japhet Moyo</a> said:
<blockquote>.. its self-evident that the United States dollar has returned to be- come the preferred currency in the country. The market has re-dollarised regardless of the legal framework that prohibits the use of the US dollar. That is the reality on the ground.
This has created a big distortion in the market where wages and salaries are in local currency while goods and services are pegged at parallel exchange rates or actual US dollars.</blockquote>
<a href="https://www.pindula.co.zw/Zimbabwe_Congress_of_Trade_Unions">ZCTU</a> is the country’s biggest labour organisation.

The Market/Economy Has Self Re-Dollarised - ZCTU Expresses Concern Over Cost Of Living

The Zimbabwe National Statistics Agency (ZimStat) has revealed Zim’s new poverty datum line. According to the agency, the PDL jumped 13% to $1827 in August, The Chronicle reports:
<blockquote>According to the Zimbabwe National Statistics Agency (ZimStat), Zimbabwe’s poverty datum line jumped 13 percent to $1 827 in August, as the cost of living continues to rise. A majority of workers still earn far below the $1 827. The poverty datum line measures the basic needs for an average family of five. This has increased pressure on the need to restore financial stability and ensure that wages match with the cost of living while at the same time reining in inflation</blockquote>
This means an average family of 5 in Zimbabwe needs $1827 a month to survive decently. Recently the government of Zimbabwe increased minimum wages to be earned by workers. Nonetheless, the country’s working-class is still at a loss due to loss of value for earnings on the back of price escalation. Prices have been increasing on a regular basis since the reintroduction of the local currency as the sole legal tender since 24 June 2019.
More: <a href="https://www.chronicle.co.zw/call-to-restore-financial-confidence-amid-wage-erosion-worries/">The Chronicle</a>

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