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Economist Gift Mugano says the recent announcement by the Government to extend the multi-currency regime is not sincere.
On Friday, 27 October, the Government enacted Statutory Instrument 218 of 2023 which extended the duration of the multicurrency regime from 2025 to 2030.
However, posting on X, Mugano, <a href="https://www.pindula.co.zw/2023/10/04/economist-gift-mugano-fired-from-zimtrade-board/">who was fired from the ZimTrade Board by the Minister of Foreign Affairs and International Trade, Frederick Shava, last month</a>, SI 218 of 2023 which extended the multi-currency system is “a dummy”. He said:
<blockquote>
Is the SI 218 of 2023 which extended the use of the multi-currency regime to 2030 real or it’s a dummy sold to us? I think it’s a dummy.
… In my view, the extension is meant to give us the impression that the USD is here to stay and we calm down and then @MthuliNcube pulls out a shocker when we are not expecting right?
</blockquote>
Mugano cited remarks attributed to Finance, Economic Development and Investment Promotion Minister Mthuli Ncube where he explained the rationale behind the extension of the multi-currency dispensation.
Speaking at this year’s pre-budget seminar, held under the theme “Consolidating Economic Transformation”, at the new parliament building last month, Ncube said, as quoted by <a href="https://www.newzimbabwe.com/we-are-headed-for-mono-currency-lets-be-clear-about-that-says-mthuli-ncube-gives-reasons-behind-multi-currency-system-tenure-to-2030/">NewZimbabwe.com</a>:
<blockquote>
You saw the SI that we issued a few days ago, where we said because of that, we wanted an orderly situation in the market rather than disorder.
<div class="in_article">
<div>
Disorder was beginning to emerge. What we saw in the banking sector. Banks were now refusing to lend money at all, some of them in USD, so that had become chaotic.
So we thought that let’s release some pressure from the market to restore order.
</div>
</div>
</blockquote>
Minister Ncube also stated that despite extending the multi-currency regime by another 7 years, the Government has not abandoned plans for a mono-currency. He said:
<blockquote>
We are headed for mono currency, let’s be clear about that, but we want order. So the extension to 2030 was to create order and calm in the market.
</blockquote>
Economists estimate that 80% of the local economy is dollarised, with the gap between the official and exchange rates continuing to widen.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Statutory Instrument Extending Multicurrency Regime To 2030 "A Dummy", Says Mugano

Cashiers at the Vehicle Inspection Department in Eastlea, Harare were this morning reportedly rejecting local Zimbabwe dollars demanding the United States Dollar for services.
<a href="https://www.newsday.co.zw/local-news/article/200000009/currency-dilemma-scores-stranded-at-vid-eastlea">NewsDay Zimbabwe</a> reports that the cashiers had received a “directive from above.”
Meanwhile, scores of people seeking to sit for provisional driving licence tests were left stranded, as authorities claim that they have been ordered to stop taking booking payments over an ‘unresolved’ currency dilemma. 
The cashiers were rejecting Zimbabwe dollars around 8 am.
This is happening as the southern African country is facing a huge scarcity of foreign currency.
<h2>Impact of the development:</h2>
High demand for the USD will result in the Zimbabwe dollar losing value further, reversing some relative stability experienced in recent weeks. 
The business sector will likely reject the Zimbabwe dollar too.
<h2>Causes of Forex Scarcity:</h2>
Zimbabwe has over the years experienced challenges in attracting foreign currency to the financial sector. Imports are improving but are still insufficient to sustain the local economy.
The local industry is collapsed which means businesses have to import commodities to meet local demand. Imports require foreign currency.
This has created a sustained foreign currency shortage in the economy where producers have to rely on the parallel market for liquidity to import essential raw materials and pay for external obligations.
<h2><a href="https://news.pindula.co.zw/">Pindula News</a></h2>

JUST IN: VID Cashiers Rejecting The Zimbabwe Dollar Demanding USD - Report

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