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Wholesalers Reject Zimbabwe Dollar

Wholesalers Reject Zimbabwe Dollar

Some wholesalers in the country are reportedly no longer accepting the Zimbabwe dollar and insisting on payments in foreign currencies only.

The local currency is shedding value on a weekly basis on both official and unofficial markets.

This week, the Zimbabwe dollar is officially trading at ZWL$350 against the US Dollar while on the parallel market the exchange rate is above ZWL$600.

Speaking in the National Assembly on Wednesday, Rushinga legislator, Tendai Nyabani (ZANU PF), said:

We have wholesales like National Foods, Gains and others; we have noted that these companies are receiving money from the RBZ (Reserve Bank of Zimbabwe) so that they assist people but I have noted that they are not taking RTGs and local currency but they only want US dollars.

We have noted that people have to go to the black market to procure US dollars so that they go and buy from these wholesalers.

In his response Finance and Economic Development deputy minister, Clemence Chiduwa said they have also received similar reports. Said Chiduwa:

Indeed, it is very true that we are receiving reports regarding wholesalers and such business entities which come to the auction.

They get money to buy their goods. Such business entities, upon receiving money from the RBZ, then sell their goods in US dollars and do not take local currency.

Working together with the Financial Intelligence Unit, our Ministry has been seized with the issue.

As of Friday last week, we investigated big shops, pharmacies, and some retailers. Out of the 28, those who were complying with the exchange rate were only 11, which means that we have a lot of violations.

The FIU on its own does not have the capacity to cover Zimbabwe as a whole. At the moment, we want to work with the National Economic Inspectorate and different law enforcement agents so that we cover the whole country.

Meanwhile, former Finance Minister, Tendai Biti urged the Government to abandon the auction system, saying it has become a source of arbitrage. Said Biti:

The black market rate is now between ZWL$650 andZWL$700 but the auction is around ZWL$350.

Why not just remove the auction so that we do not have arbitrage and the ZWD will find its own resting place without the arbitrage of the auction.

More: CITE

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11 Comments

๐Ÿ—ฃ๏ธ Voiceless 1ย week ago

$6000usd๐Ÿ‡บ๐Ÿ‡ฒ you buy a car but 6000ZWL๐Ÿ‡ฟ๐Ÿ‡ผ you buy only mealie meal ... ๐Ÿค”๐Ÿค”๐Ÿค”๐Ÿค”๐Ÿค”๐Ÿคท


$100rtgs mbuya nhehanda 1ย week ago

I said it before the introduction of mbuya nhehanda to the economy will bring a black spell.
now see what's happening


๐Ÿ…ผ๐Ÿ…ฐ๐Ÿ†๐Ÿ…ฐ๐Ÿ†…๐Ÿ…ฐ๐Ÿ†‰๐Ÿ…ฐ 1ย week ago

๐— ๐˜๐—ต๐˜‚๐—น๐—ถ ๐—ฎ๐—ป๐—ฑ ๐— ๐—ฎ๐—ป๐—ด๐˜‚๐—ฑ๐˜†๐—ฎ ๐—บ๐˜‚๐˜€๐˜ ๐—ฑ๐—ผ ๐˜๐—ต๐—ฒ ๐—ต๐—ผ๐—ป๐—ผ๐˜‚๐—ฟ๐—ฎ๐—ฏ๐—น๐—ฒ ๐˜๐—ต๐—ถ๐—ป๐—ด ๐˜๐—ผ ๐—ฝ๐—ต๐—ฎ๐˜€๐—ฒ ๐—ผ๐˜‚๐˜ ๐˜๐—ต๐—ฒ ๐˜ƒ๐—ผ๐—ผ๐—ฑ๐—ผ๐—ผ ๐—ฐ๐˜‚๐—ฟ๐—ฟ๐—ฒ๐—ป๐—ฐ๐˜† ๐—ถ๐˜ ๐—ถ๐˜€ ๐—ป๐—ผ๐˜ ๐˜„๐—ผ๐—ฟ๐˜๐—ต ๐˜๐—ต๐—ฒ ๐˜€๐˜„๐—ฒ๐—ฎ๐˜ ๐—ผ๐—ณ ๐—ผ๐˜‚๐—ฟ ๐˜„๐—ผ๐—ฟ๐—ธ๐—ฒ๐—ฟ๐˜€.


Tkt 1ย week ago

Ok then honorable MoF, can you justify the price of melie meal pegged at rtgs 3510 and the shop sticker says TODAY'S EXCHANGE RATE 1USD- 390RTGS wototi that shop is complying Kkkkk ndaseka zvangu divide that amount yo get 9usd per10kg, absolute NUTS
then divide the same by the black market ๐Ÿ’น rate of 700 its 5usd which is the price of mealie meal kumakorokoza, kkkkk


Kumbirai Kangai. 1ย week ago

Corruption


Chawabvunza 1ย week ago

Finance and Economic Development Minister, Mthuli Ncube and RBZ Governor, John Mangudya, must be honorable enough and say the truth that they have failed to implement policies which control the relationship between us$ and our rtgs. The duo insists on saying they will not dollarise, yet the economy has already dollarised itself. Which economy are they going to continue running ? What they should note is that citizens have not rejected our rtgs, but our economy has rejected the rtgs.

RUZHINJI HARUNA KURAMBA RTGS ASI KUTI UPFUMI HWEDU NDIHWO HWARAMBA RTGS.

NGAAPINDE HAKE CHAMISA [NHC].

[VOTE CCC FOR REAL CHANGE].


Asalif 1ย week ago

How can he take local currency when he gets the goods from other countries do you expect shops like Gain, Metro Peech, N Richards to go on black market looking for forex? so they give you the customer the task to go and buy forex outside and get the goods you want simple


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Doug 1ย week ago

As long as what these men and women do what they do and get paid at the end of the month, they are corrupt if their work does not impact positively on the ordinary people.


Chamisa junior 1ย week ago

Vote for CCC for change


Mmmm 1ย week ago

Like a dog chasing it's own tail it will never win. Criminalizing the issue will only make matters worse. The people end up suffering from bad solutions.



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