Cross-border traders ignorant of monetary policy

Cross-border traders say they do not understand the new fiscal and monetary measures announced by Finance minister Mthuli Ncube and Reserve Bank of Zimbabwe (RBZ) governor John Mangudya on Monday, and that they feared losing their hard cash in the banks.

By Tafadzwa Mutacha

Speaking at a Press conference in Harare yesterday, Cross Border Traders Association president, Killer Zivhu, said members of his group and multitudes of Zimbabweans do not know how the new measures of allowing separate bank accounts for United States dollars (US$) was going to work.

“Many people are asking us several questions, especially the cross-border traders,” he said

Zivhu said cross-borders were asking how US dollars deposited in already existing bank accounts now limited to RTGS (real time gross settlement) transactions and bond notes only will be recovered.

“Are we going to recover those US dollars we used to bank in 2012 and 2013 because records are there to show that we banked US dollars?” he asked.

“Is the government not going to raid those accounts and are we not going to see some problems which other companies and individuals faced during 2008.”

Prices have already shot up by up to 10%, with retailers warning of further upward adjustments.

Zivhu questioned the new pricing strategies which will be used going forward.

“How are we going to peg our prices?

Are we going to peg using the bond or US dollar because we have to source our own forex as banks will not be giving us forex if we don’t have FCAs?” he asked.

“Is this not going to trigger the hiking of prices because the majority of people in this country survive by buying and selling and that is happening beyond our borders?

Are we not going to have price controls?

How are people relying on buying and selling going to survive?

This will make the generality of the people suffer.”

With RBZ retaining the multiple currency system, Zivhu expressed concern at the official rate of the bond notes against other currencies.

The Zanu PF Chivi South legislator pledged that cross-border traders were eager to contribute to the fiscus by paying duty if they agree on certain conditions with Zimbabwe Revenue Authority.

He added that if the monetary policy was accessible in simplified language, he would circulate it among the generality of cross-border traders so that they understand it.

7 Comments

  1. I am not what the farce is about, just continue like you have been doing sourecing your rands and dollars on the black at whatever exchange rate with bond, order your stuff in Joburg, price it with the exchange rate in mind. Unless if you were one of the privileged ones who were getting your rands from the bank.

  2. Our accounts are US Dollar accounts, which we openned after this rulling government stole all the money we worked for over 12 months, the closed down those accounts, tikavhura ma forex accounts now This New dispensation yava kuda kutibira maUS Dollars edu, hatina kumbovhura ma Bond accounts accounts Mthuli must be advised. Or else God must punish all these ZANU PF THIEVES

  3. Yes for sure God must punish these crooks. Why keep the bond when it is not good money? I was beginning to support the new dispensation but now I have changed, the crooks do not have people at heart. They will rot in hell!!!!!!!

  4. Mr Zivhu, you should ask clarity in parliament since you are part of the regime. Otherwise jump ship.

  5. Every one does not understand what the finance minister is saying every one not cross borders only accept himself and magudlia. Current bank accounts in this country are in USD all the monies in those accounts are USD . We seek clarity here the money that we are using in this country is foreign money which USD does the minister not know that? we can not afford 2 foreign currency bank accounts What is he really trying to say here change our USD already in our bank accounts maybe ?turn them into bonds But this time around we will not allow theft to take place in front of us . Going to courts of law will be better .We are being robbed shuwa nyanisa

  6. Prophet Jotina Mavhunga

    Koo PhD yaKiller Zivhu is in what ares of study? How can he fail to explain to his constituency money matters yet they are supposed to know. Cross boarder trading deals in forex and local currency as a matter of fact almost on a daily basis. Step up to the plate Dr.

  7. only the unwise will keep their US dollars in the bank.we all kno what happened in 2008-2009….and its gonna happen again.be warned

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