Zimbabwe (Xinhua) --
Zimbabwe’s largest labor union on Tuesday threatened
to organize mass protests if the government does not
rescind its decision to ban use of the U.S. dollar
in the economy.
Instead, the Zimbabwe
Congress of Trade Unions (ZCTU) pressed with its
demand for workers to be paid in United States
The Zimbabwe government on Monday scrapped the
multiple currency regime that has been in existence
since 2009 and re-introduced the Zimbabwe dollar as
the sole legal tender.
The Zimbabwe dollar is currently made up of the
electronic RTGS, bond notes and coins that were
introduced in 2016 to tame cash shortages in the
ZCTU president Peter Mutasa told reporters that
his organization will mobilize workers for mass
protests if the government does not reverse its
decision to ban the multi-currency system.
"The ZCTU has not moved from its position that
the short-term solution is to dollarize and we are
going to the TNF (Tripartite Negotiation Forum)
meeting tomorrow (Wednesday) to demand United States
dollar salary payments for all workers," Mutasa
Mutasa said it was unfair for workers to continue
being paid in local currency which had lost value
against other currencies amid a continuous rise in
prices of basic commodities.
He said the ZCTU will use the Wednesday TNF
meeting with government and business to express its
displeasure over the ban on use of multi-currencies
for trading purposes.
Zimbabwe was using the U.S. dollar, British
Pound, Euro, Australian dollar, Chinese Yuan,
Japanese Yen, Indian Ruppee, South African Rand and
Botswana Pula as trading currencies.
However, President Emmerson Mnangagwa said
Tuesday the re-introduction of the Zimbabwe dollar,
ditched in 2009 after being rendered worthless by a
decade of hyperinflation, was necessary to ensure
the economy takes off.
He said the government and the Reserve Bank of
Zimbabwe were taking necessary steps to ensure that
the new currency move succeeds, adding that the
government will increase the supply of foreign
currency into the inter-bank market.
He said while the multi currency system ensured
stability of the economy, it did not give the
country control of monetary policy and left many at
the mercy of U.S. dollar pricing which was now
He said the conditions were now in place for
Zimbabwe to have its own currency.
"When the majority earn in the local currency,
but goods are priced in U.S. dollars, the outcome
ill only ever be a two tiered economy: stable and
affordable prices for those with access to dollars,
while the majority face an unrealistically high cost
"This is unfair and unsustainable," Mnangagwa
traders try to grasp implications of ending
HARARE Zimbabwe (Xinhua)
-- Zimbabwean traders were
trying to grasp the implications of a new law
gazetted Monday outlawing the use of foreign
Some of the streets in the central business
district, which are usually full of money changers,
were generally quiet up to mid-day as many traders
Those who opted to come reported the slight fall
of the exchange rate to as low as 1 U.S. dollar to
9.00 RTGS dollars from a high of 1 U.S. dollar to
11.30 RTGS dollars at the weekend.
A trader in First Street Mall said not many
people were selling, and not many people were buying
either, as they sought to establish the meaning of
the Statutory Instrument gazette by finance minister
Mthuli Ncube on Monday.
"The announcement that was made yesterday
(Monday) has really upset things.
"We don’t know what is happening and many traders
have not yet been given the going rate of the day by
their handlers. So they are staying away until the
dust settles," said the trader.
Retailers under the banner of the Confederation
of Zimbabwe Retailers (CZR) welcomed the government
pronouncement, adding that they also supported
measures taken by the Reserve Bank of Zimbabwe (RBZ)
to stabilize the interbank foreign currency market.
"The dilemma was exacerbated by the demand for
U.S. dollars for domestic transactions even for
goods ordinarily manufactured in Zimbabwe yet about
96 percent of the workforce earn their wages and
salaries in local currency," said CZR president
Denford Mutashu in a statement on Tuesday.
"Many had to offload the RTGS dollars or bond
notes as soon as they laid their hands on it," he
He said the country had to move on and embrace
its own currency and have independence in monetary
policy formulation and implementation with the RBZ
playing the lender of last resort role in sync with
the ongoing fiscal policy reforms.
Retailers and wholesalers are urged to change
over forthwith and immediately abandon selling goods
and services in U.S. dollars or any foreign currency
as it has been outlawed.
Non-compliance will attract unnecessary and
unwanted attention to one’s brand by authorities, he
Many retailers and service providers had resorted
to charging for goods and services in U.S. dollars
as they sought to retain profits after sourcing for
foreign currency on the black market to procure
The country’s biggest beverage manufacturer -
Delta Corporation - has also been charging for its
non-returnable bottled products in part U.S.
The future of such goods which bear foreign
currency components is yet to be seen.
The country abandoned the Zimbabwe dollar in 2009
amid hyper-inflation, and the currency was
officially demonetized in 2015.
Emmerson Mnangagwa assurance that state is
back to normalcy after re-introduction of
HARARE Zimbabwe (Xinhua)
-- Zimbabwe is back to a
state of normalcy following the abandonment of the
multiple-currency regime and re-introduction of the
Zimbabwe dollar as the sole legal tender, President
Emmerson Mnangagwa said Tuesday.
In his first public comment since the
re-introduction of the local currency, Mnangagwa
said Zimbabwe had been under an abnormal financial
situation since 2009, state news agency New Ziana
Finance Minister Mthuli Ncube on Monday announced
the scrapping of the multiple currency regime that
was introduced in 2009 after the Zimbabwe dollar had
been rendered worthless by hyperinflation, and
re-introduced the Zimbabwe dollar as the sole legal
tender, in a move aimed at stabilizing prices and
"Zimbabwe has gone back to normalcy and the
normalcy is that a country must have its own
currency," Mnangagwa told reporters on the sidelines
of the African Union-United Nations Africa Wildlife
Summit in the resort town of Victoria Falls.
Ncube said the Zimbabwe dollar, currently
comprising the electronic RTGS dollar, bond notes
and bond coins, will be the sole legal tender while
nine foreign currencies that were in use namely the
U.S. dollar, British Pound, Euro, Australian dollar,
Chinese Yuan, Japanese Yen, Indian Rupee, South
African Rand and the Botswana Pula, are no longer
permissible in the country except for payment of
international airline services and duty for
specified luxury goods and services.
"We have not banned the possession of any other
currency except that you cannot transact in any shop
(using them)," Mnangagwa said.
"If you want to buy tea and you have your
American dollars, then you must change them first
and get your coffee."
The re-introduction of the local currency comes
at a time when most traders were charging their
goods and services in foreign currency, particularly
the U.S. dollar when almost 80 percent of the
country’s population is not getting foreign
While some have welcomed the Zimbabwe dollar
return, others have criticized the move, saying the
timing was not yet ripe as some of the economic
fundamentals were not yet in place.
"The most important thing is, are we doing the
right thing or not.
"We believe we are doing the right thing,"
"When you see us move, then the fundamentals are
He assured foreign tourists that they will not
face any challenges with payment platforms when they
visit the country.
sitting on U.S. $600 million dollars worth of
HARARE Zimbabwe (Xinhua)
-- Zimbabwe is sitting on
ivory and rhino horn stockpiles worth 600 million
U.S. dollars following the ban on hunting and
trading of such products, Zimbabwean president
Emmerson Mnangagwa has said.
He said the ban by the Convention on
International Trade in Endangered Species (CITES)
was depriving the country financial resources that
it could use to support conservation of wildlife and
natural resources for the next 20 years, the
state-controlled Herald newspaper reported Tuesday.
"We are gravely concerned by one-size-fits-all
approach where banning of trade is creeping into the
CITES decision-making processes," he said.
"We call upon the institution to resist the
temptation of being a ‘policing institution’ and
instead be developmental one which promotes the
intricate balance between conservation and
sustainable utilization of all wildlife resources,"
the president said.
He said most of the 600 million worth of ivory
and rhino horn stockpile were from natural attrition
of the animals.
The president was opening the inaugural African
Union and United Nations Wildlife Economy Summit in
the resort town of Victoria Falls on Monday.
The summit was attended by the presidents of
Botswana, Zambia and Namibia as well as wildlife
ministers from different countries.
Mnangagwa said Southern Africa was home to 50
percent of Africa’s elephants, which was testimony
of the region’s success in wildlife conservation.
He also reaffirmed Zimbabwe’s commitment to
fighting wildlife poaching, saying the country was
strengthening its law enforcement to combat both
internal and cross-border wildlife crime.
Africa eye a community of shared future via
BEIJING China (Xinhua)
-- China on Tuesday vowed
to work with African countries to enhance
cooperation based on equality and openness to build
a community of shared future.
That came as Chinese State Councilor and Foreign
Minister Wang Yi addressed the opening ceremony of
the Coordinators’ Meeting on the Implementation of
the Follow-up Actions of the Beijing Summit of the
Forum on the China-Africa Cooperation (FOCAC).