Govt to rein in multi-pricing system

Dr John Mangudya

Dr John Mangudya

Oliver Kazunga, Acting Business Editor
THE Government is putting in place measures  to curb multi-pricing system and refusal of plastic money within the economy, Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya, said yesterday.

In order to address the cash crisis, the monetary authorities have introduced the use of plastic money as well as electronic payment systems.

Some unscrupulous businesses have however introduce multi-pricing while others are refusing plastic money.

Presenting the 2018, monetary policy statement in Harare yesterday Dr Mangudya said businesses need to show respect to consumers and to exercise self-discipline under the new economic dispensation.

“Government is putting in place measures to curb the multi-pricing system within the economy.

“Multi-pricing and refusal to accept plastic money is counter- productive,” he said.

Dr Mangudya said it is against this background that Government came up with the 2018 Finance Bill which makes such conduct illegal.

He said the bill has now gone through Parliament and now awaits approval by the Senate.

Zimbabwe uses a basket of foreign currencies after it scrapped its inflation ravaged domestic currency in 2009 following a decade of economic instability.

In order to address the cash shortages, Government introduced bond notes in 2016.

The bond notes, whose exchange rate is at par with the US dollar, were introduced as part of measures to incentivise exporters and improve liquidity.

Dr Mangudya also announced in the 2018 monetary policy statement that:

“ To ensure stability of the monetary system, the Bank is strengthening its liquidity management systems to mop Real Time Gross Settlements (RTGS) money and make it more attractive for investment.

@okazunga

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  • Dube-Nyathi Nyembezi

    This is a useless monetary policy you have ever presented John.As long as bond notes are there you are doomed man!Fuel price is rising,grocery cost is skyrocketing and you are there talking rubbish!

  • Essexvale

    Before going any further, the RBZ governor needs clean out his own house. It’s known that officials at the apex bank and others from various banking institutions including well connected persons – political or otherwise – are chief drivers of the ballooning money dealing rackets on our streets. And that’s the reason why this evil practice is being treated indifferently by the authorities. Those people who daily queue outside financial institutions for a mere $20.00 a day are bound to awake from their slumber and realise that their money is in fact, in the dirty hands of street dealers. When that happens ….. I shudder to contemplate the carnage that is likely to follow both at the banks and on the streets!!

  • zibulo

    John says “some unscrupoulus business people ……” khanda likayise !!! The unscrupoulus are them , they who introduced bond notes , bearer notes , who give money from Printers to sphathelenis , yet they dont get arrested. two-price system will always be there till the Bond note goes and the current crooks in leadership are gone. who will arrest them? Who will arrest Magunja, who will arrest Mgabe the Leader of all this, who will arrest Chirihuri for the damage to zim’s image? who will arrest Grace for giving those boys of hers thousands of usds to spalsh around in foreign lands? Who will arrest Chiwenga who murdered ZAPU and mostly Ndebeles for refusing the One Party thing, look at the mess which Chiwenga and ED participated in to make Zim a laughing stock, they were the senior guys, so i wonder how zimbabweans expect him and Co to make Zim better