Cabinet approves currency reforms

Cabinet approves currency reforms
Published: 27 June 2019 (144 Views)
Cabinet has approved currency reforms introduced by Treasury which culminated in the scrapping of the multi-currency system on local transactions saying the move would now bring normalcy in the economy.

Through a Statutory Instrument 142 of 2019, Government announced that it was abandoning the multi-currency regime to allow all local transactions to be conducted in the Zimbabwe dollar.

Addressing journalists during a 22nd Cabinet meeting decision matrix, Information, Publicity and Broadcasting Services Minister Monica Mutsvangwa said the measures will go a long way in addressing the plight of ordinary people who had been at the mercy of a few individuals.

"Cabinet noted with satisfaction the decision taken by the Monetary Authorities to abolish the multi-currency system and replace it with a mono-currency as contained in Statutory Instrument 142 of 2019.  

"This measure is a critical step towards the full restoration of a Zimbabwe sovereign currency as envisaged under the Transitional Stabilisation Programme. Cabinet also applauds the other supportive measures being introduced by the Reserve Bank of Zimbabwe to bolster this initiative," said Minister Mutsvangwa.

Cabinet noted that the decision was made at a time when social partners, Government, business, labour commenced meetings aimed at fostering a collaborative approach to the development of the national economy.

"Cabinet calls on all citizens and stakeholders to close ranks and give maximum support to these measures which are designed to ease the plight of all our people and to place our country's economy on a firm growth trajectory.

"As Zimbabweans, let us be driven by the sense of national pride, self-belief and the commitment to guaranteeing the integrity of our financial system," said Minister Mutsvangwa.

Responding to questions from journalists, Minister Mutsvangwa said the basic fundamentals for a local unit had been met.

"The scrapping of the multicurrency system shows that as a country we are moving to normalcy. The conditions which were said by the President should be met, are clearly in place and they include, increased revenue, decreased spending and budget surplus and those have been achieved. Honestly it is only normal for Government to take that decision," said Minister Mutsvangwa.

"All what has been done is to remove the basket. It is only a Government of the people which looks at the needs of the majority and stops this unfair situation."

Justice, Legal and Parliamentary Affairs Minister Ziyambi Ziyambi defended Government decision to retain forex payment of duty on luxury goods. He said it was reasonable that importers of luxury goods such as cars paid duty in hard currency since they would have procured the items in foreign currency.

Women Affairs, Community, Small to Medium Enterprises Development Minister Sithembiso Nyoni who is also Acting Minister of Finance and Economic Development said the success of the measures hinged on a collective effort by every Zimbabwean.

- the herald

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

MISSING USD$ 3 BILLION: Mnangagwa called to account

by Mandla Ndlovu | 20 July 2019 | 54 Views

Mohadi warns drug dealers

by Staff reporter | 20 July 2019 | 30 Views

Getaway car catches fire

by Staff reporter | 20 July 2019 | 56 Views

Zimbabwe MPs demand Land Cruisers, houses in Harare

by ZimlIve | 20 July 2019 | 37 Views

Probe into Bulawayo Town Clerk suspension begins

by Staff reporter | 20 July 2019 | 32 Views

Anti-Mnangagwa activist released on bail

by Staff reporter | 20 July 2019 | 32 Views

Zec to pilot test display of voters' rolls

by Staff reporter | 20 July 2019 | 31 Views

Mnangagwa's luxury junkets cause storm

by Staff reporter | 20 July 2019 | 34 Views

Chaos, corruption in councils

by Miriam Tose Majome | 20 July 2019 | 19 Views

'External MDC branches key in national politics'

by Staff repirter | 20 July 2019 | 23 Views

Mnangagwa dates San community

by Staff reporter | 20 July 2019 | 27 Views

Zimbabwe police cells; chambers of torture

by Staff reporter | 20 July 2019 | 17 Views

Prosecutors declare incapacitation

by Staff reporter | 20 July 2019 | 28 Views

'Chiwenga on the mend'

by Staff reporter | 20 July 2019 | 29 Views

Lady teacher in trouble for abusing pupil

by Staff reporter | 20 July 2019 | 29 Views

Tshinga Dube pleads with BCC over eviction

by Staff reporter | 20 July 2019 | 25 Views

Headmaster caught pants down with married teacher

by Staff reporter | 20 July 2019 | 39 Views

Chief Mugabe selection process rocked by disputes

by Staff reporter | 20 July 2019 | 23 Views

Government programmes poorly supervised, says Zanu PF official

by Staff Reporter | 20 July 2019 | 67 Views

Zimbabwe govt works on 50:50 principle

by Staff Reporter | 20 July 2019 | 65 Views

Zanu-PF tried and tested, says Obert Mpofu

by Staff Reporter | 20 July 2019 | 58 Views

Poacher gets 9 years behind bars

by Staff Reporter | 20 July 2019 | 57 Views

Woes mount for Prophet Magaya

by Staff Reporter | 20 July 2019 | 55 Views

MDC fights for Japajapa's freedom

by Mandla Ndlovu | 20 July 2019 | 57 Views

Prophet Magaya's powerful enemies revealed

by Mandla Ndlovu | 20 July 2019 | 75 Views

Econet in major blackout

by Mandla Ndlovu | 20 July 2019 | 57 Views

'Mnangagwa redefines corruption'

by Mandla Ndlovu | 19 July 2019 | 148 Views

ZESN condemns Zanu-PF vote buying

by Staff Reporter | 19 July 2019 | 137 Views

Ramaphosa 'deliberately misled parliament'

by Staff reporter | 19 July 2019 | 104 Views

SA Home Affairs has 3000 uncollected Zimbabwe permits

by Staff reporter | 19 July 2019 | 109 Views

How CIOs benefited from Jonathan Moyo's ZIMDEF funds

by Mandla Ndlovu | 19 July 2019 | 143 Views

Mnangagwa speaks on ailing Chiwenga

by Staff Reporter | 19 July 2019 | 274 Views

Police statement on Prophet Walter Magaya

by Mandla Ndlovu | 19 July 2019 | 172 Views

Temba Mliswa writes to Nelson chamisa

by Mandla Ndlovu | 19 July 2019 | 213 Views

USD$ 3 Billion disappears in Zimbabwe

by Mandla Ndlovu | 19 July 2019 | 214 Views