Home News ED Speaks On Cash Shortages.

ED Speaks On Cash Shortages.

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President Mnangagwa has promised to deal with Zimbabwe’s prevailing cash shorages saying measures are being taken to address the situation, which include removal of arbitrage opportunities created through multi-tier pricing.

Speaking during the State of the Nation Address (SONA) and the Second Session of the Ninth Parliament of Zimbabwe official opening, President Mnangagwa said the government is aware of the fact that cash shortages have resulted in some unscrupulous traders selling cash in exchange for electronic money.

“Government is fully aware of the challenges faced by the public in accessing cash, which has resulted in some unscrupulous traders selling cash in exchange for electronic money.

“Appropriate measures are being taken to address the cash situation, which include a gradual removal of arbitrage opportunities created through multi-tier pricing.

“I am pleased to highlight that the ongoing fiscal consolidation measures are already paying off,” he said.

Turning to the issue of fuel the President said the government will soon roll out an electronic National Fuel Monitoring System to curb malpractices in the fuel industry.

“The country has seen some stability in the fuel sector on the back of the introduction of cost-reflective pricing adjustments, coupled with the fuel procurement financing facilities structured by Government.

“Companies with foreign currency are now permitted to procure their own fuel through registered oil companies.

“To curb malpractices in the fuel industry, Government will soon roll out an electronic National Fuel Monitoring System. For the long term, a comprehensive National Integrated Energy Resource Plan is being developed,” he said.

He added that the government will soon unveil a comprehensive strategy and roadmap towards the attainment of a US$ 12 billion mining industry in Zimbabwe, by 2023.

Legal experts recently called for the withdrawal of operating licenses for retail shops refusing Real Time Gross Settlement (RTGS) payments in Zvishavane.

This comes after mobile money users in Zvishavane were in a fix as some retail shops and service stations were rejecting EcoCash and RTGS transactions.

On Monday this week, the Reserve Bank of Zimbabwe gave a directive to Mobile Money Service Providers to remove Cash In, Cash Out and cashback facilities in a bid to crackdown on illegal currency trading.

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