“Monetary Policy Is Taking Us Back To 2008”: Zanu Pf MP

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“Monetary Policy Is Taking Us Back To 2008”: Zanu Pf MP

Zanu pf legislator for Chivi South, who is also the chairperson of the Zimbabwe Cross Border Traders Association ( ZCBTA) Killer Zivhu says that the monetary measures introduced by the Central Bank will take the country back to the 2008 era.

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The Central Bank introduced bureau de changes after floating the local currency (RTGS Dollars), and Zivhu opines that this will fuel the trade of foreign currency on the black market.

Said Zivhu:

Some bureau de changes will buy the money for themselves or use their relatives to take money to the black market where it will fetch more. Bureau de changes are just forex dealers so where there is money, they are always there.

We have bureau de changes changing US$10 000 per day, as a result, these people will not be able to get money at the bank rate because they do not qualify to measures put in place for the banks. Their only option will be getting forex on the streets, thereby increasing the demand on the black market.

As ZCBTA, the monetary policy is not favourable to our members. We are seeing a repeat of 2007 and 2008 if the RBZ governor does not listen to our advice.

We had similar problems in 2003 as well when there were cash shortages and also in 2007 and 2008 when they refused to listen to our advice.

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