Bowing to pressure Zimbabwe is to consider foreign currency trade in all sectors

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The Zimbabwe government is now considering the possibilities of allowing business entities to charge for goods and services in foreign currency. According to Industry and International Trade Minister Cde Obert Mpofu consultations are in p

Mpofu said the Confederation of Zimbabwe Industries (CZI) and other economic troupes that include employers and employees have approached government requesting that salaries, and other business transactions be conducted in foreign currency. However,  he did not mention schools.

He went on to say government needs to put in place strict monitoring mechanisms to ensure that the money is banked and that the necessary taxes are paid to generate revenue from the system hence the consultations that are currently taking place among the various stakeholders to tighten loopholes.
Minister added that the use of foreign currency, which is not necessarily the us dollar is not unique to Zimbabwe as other countries have successfully allowed other foreign currencies to operate alongside national currencies. This he said in relation to Namibia and Swaziland that have allowed their national currencies to operate alongside the South African rand.Again on behalf on the government he has not acknowledged the fact that the local currency is all but history and to admit that the economy is dollarized already.
The Minister said government will consult other regional groupings such as the SADC and Comesa, which are already working towards regional economic integration by way of establishing a common market and monetary unions. Well they would be out of their minds to take Zimbabwe on board in its current state.

Post published in: Agriculture

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