The Sunday News
The announcement by the Reserve Bank of Zimbabwe Governor Dr John Mangudya that the Government is putting in place measures to curb multi-pricing is a welcome move.
We note that some unscrupulous businesses have been ripping off customers by using a different pricing system for bond notes, US dollar and swipe or Ecocash, therefore distorting prices on the market and in essence, working against Government’s efforts to bring back normalcy in the business sector.
Presenting the 2018 monetary policy statement in Harare last week 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.
There have been complaints from the public that prices of basic commodities and some services were unstable, and the reason behind that has been the use of multi-prices.
We believe since the new piece of legislation will make it a criminal offence for anyone to use the multi-pricing system, it will bring back normalcy.
We also call upon all businesses to support Government’s initiatives to revive the economy by following laws and policies set out by the central bank and Government. The idea of wanting to profiteer should be done away with, as it unprofessional and unethical.
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.”
Dr Mangudya also revealed that the intervention by the RBZ in the foreign exchange market through $1.1 billion nostro stabilisation facilities drawdowns last year has significantly assisted in sustaining the financing of critical imports.
He said the worst could have happened on the economy especially in September had it not been for the positive impact of the nostro stabilisation facilities.
“The intervention by the RBZ in the foreign exchange market through drawdowns from nostro stabilisation facilities amounting to $1.1 billion during 2017, immensely assisted to stabilise the forex market and sustain financing of critical imports such as fuel, electricity, medicines, fertilisers, agro-chemicals, soya crude oil for cooking oil, cash imports and raw materials for industry,” said Dr Mangudya.
He said drawdowns from the nostro facilities and the utilisation of bond notes amounting to $290 million as at December 31, 2017 went a long way in stabilising cash shortages in the country.
We applaud the central bank and the Government for working tirelessly to revive the economy and assist local businesses to stay afloat, but businesses themselves must also play ball.
