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Breaking – RBZ Bans All Ecocash Cash In, Cash out and Cashback Facilities

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RBZ Bans ecocash cash in and cash out

Mbare Times has reported that the Reserve Bank of Zimbabwe has given a directive to Mobile Money Agents to remove Cash In, Cash Out and cashback facilities in a bid to crack down on illegal currency trading. The RBZ has taken the fight to another level as last week they froze Accounts belonging to Sakunda and Croco Motors.

The Latest move to suspend cash in facilities could deal a death blow to the black market. Below is a picture of the directive issued by the RBZ.

RBZ Bans ecocash cash in

This will surely affect everyone not just the black market that the government is targeting or rather trying to control. More to follow…

In Other News – Take lead in unifying nation, ED tells churches

President Mnangagwa has urged the church to take a leading role in unifying the country to ensure the achievement of development goals set out by his administration. In an address at the Gospel of God Church International 1932 (GGCI) annual synod at the Johane Masowe Gandanzara shrine in Makoni district yesterday that was made on his behalf by Defence and War Veterans Affairs Minister Oppah Muchinguri-Kashiri, President Mnangagwa said the relationship that exists between the Church and the Government dates back many years and should be valued.

President Mnangagwa

“As the Church you are important because without your support, we are like fish without water. Long ago before Zanu-PF was formed, Baba Johane Masowe had already begun the revolution. He had a direct relationship with God and he knew that he had to fight for black people’s dignity which had been compromised by the white Rhodesians. This is the role that the church plays in our lives, that of restoring our dignity,” he said. Read More

Source – Mbare Times

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Zacc and RBZ hunt down currency manipulators

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Reserve Bank of Zimbabwe

The Zimbabwe Anti-Corruption Commission (Zacc) has opened investigations into companies and individuals who are understood to be illegally manipulating the exchange rate for selfish gains.

Separately, President Emmerson Mnangagwa has gazetted two statutory instruments that prohibit selling, buying or pegging prices of goods and services in foreign currency in order to tighten the screws on illegal currency trading.

Zacc commissioner John Makamure told The Sunday Mail that the anti-graft body’s pursuit is being jointly undertaken with the Reserve Bank of Zimbabwe (RBZ).

“Zacc is mandated in terms of the schedule to the Anti- Corruption Commission Act to investigate any offences related to corruption,” he said, “and in addition, any contraventions of the Money Laundering and Proceeds of Crime Act, contraventions of Exchange Control Act or Regulations and other economic crimes. We have engaged the Financial Intelligence Unit on the matter and we are looking into these issues.”

RBZ Governor Dr John Mangudya said the central bank’s Financial Intelligence Unit (FIU) will crack the whip on errant dealers.

“I need to be fully briefed by our unit on what has been going on since I have been away. However, we are certainly going to make interventions to protect our people,” he said.

Government has since moved in to officially outlaw foreign currency transactions on the local market through two Statutory Instruments that were gazetted on Friday.

SI212 and SI213 of 2019 – gazetted under the Presidential Powers (Temporary Measures) (Amendment of Exchange Control Act) Regulations, 2019 – officially make the Zimbabwe dollar the sole currency for domestic transactions.

They also impose civil as well as criminal penalties on companies and individuals who fall foul of the law.

Part of SI 212 reads: “Subject to Section 4, no person who is a party to a domestic transaction shall pay or receive as the price or the value of any consideration payable or receivable in respect of such transaction any currency other than the Zimbabwean dollar.”

It also makes it illegal to value, charge, offer or display goods in US dollars.

“…no person shall – (a) quote, display, label, charge, solicit for the payment of, receive or pay the price of any goods, services, fee or commission in any currency other than the Zimbabwean dollar; or “(b) settle any obligation by barter or otherwise for consideration that is not denominated by, or is not valued in, the Zimbabwean dollar.

“(c)receive, demand, payor solicit for payment by means of any token, voucher, coupon, chit, instrument, unit of account or other means or unit of payment (whether material or digital) that is pegged to, referable to or used in substitution for any foreign currency or unit of a foreign currency,” it adds.

The same legal instrument also makes exemptions on transactions that can be made in foreign currency, basically payments by foreigners. These include carbon tax payments for foreign-registered vehicles, third party insurance payments for foreign-registered vehicles, road access fees for foreign-registered vehicles or trans-border fees and services.

However, SI 213 prescribes civil and criminal penalties on businesses and individuals that continue to illegally peg prices or trade in foreign currency.

Many businesses have been either quoting or selling goods in US dollars or demanding the US-dollar equivalent in local currency despite purchasing from manufacturers and paying wages in the local currency.

The indiscipline has subsequently led to attacks on the Zimbabwe dollar, whose value has been sliding over the past three weeks.

The loss in value has resulted in soaring prices of goods and services.

Justice, Legal and Parliamentary Affairs Permanent Secretary Mrs Virginia Mabhiza said the new statutory instruments were gazetted to address comprehensively rampant illegal currency trading.

“These new instruments help to reinforce the laws we introduced last year on Exchange Control Regulations and Unexplained Wealth Orders. So all these laws combined make it difficult to engage in illicit currency dealings. It is now up to the police and the National Prosecuting Authority to enforce these laws to the full,” she said.

Source – The SundayMail

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World Bank: Zim among top 20 improvers

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The World Bank

Zimbabwe’s efforts to transform its investment environment have been noted by the World Bank (WB), which has since named the country as one of the “top 20 improvers” in Doing Business 2020 following key regulatory improvements in five areas, which include starting a business.

This comes as Finance and Economic Development Minister Professor Mthuli Ncube met World Bank Group president Mr David Malpass on the sidelines of the 74th Ordinary Session of the United Nations General Assembly (UNGA) in New York, United States of America, this week, who also praised the ongoing reforms.

Mr Malpass — who took over as the World Bank Group boss in April this year — also praised Zimbabwe’s ongoing reforms.

“Very nice to see Zimbabwean Minister of Finance @MthuliNcube at #UNGA (United Nations).

“We discussed the importance of currency + economic liberalisation, & I am encouraged by the legislative reforms under consideration,” tweeted Mr Malpass.

In a statement, the global financial institution said Zimbabwe has made it easier to start a business after improving online name search and reducing Harare Municipality business licensing fees.

Harare City Council introduced the system to allow investors to apply and get business licences online to reduce human interface and corruption.

Zim Bond notes

 

“Zimbabwe made regulatory improvements in five areas measured by Doing Business. Zimbabwe made starting a business easier by improving online name search and reducing the Harare Municipality business licensing fee.

“More frequent sessions by the municipal building commission in Harare led to faster approval of construction permits.

“Likewise, the deeds registry implemented an internal tracking system allowing applicants to track their applications throughout the property transfer process,” said the World Bank.

The bank also said Zimbabwe introduced a new reorganisation procedure, allowing creditors to vote on the reorganisation plan, granting debtors the possibility of obtaining post-commencement finance and improving access to credit by giving secured creditors absolute priority during insolvency proceedings.

This becomes the first major endorsement of reforms that the Government has embarked upon as it seeks to attract more investors and turnaround economic fortunes in the drive towards achieving an Upper Middle-Income economy by 2030.

A naturally elated Finance and Economic Development Minister Professor Mthuli Ncube tweeted; “#Zimbabwe is one of the top 20 reformers in doing business this year.”

Zimbabwe is joined by four other African countries in the top 20 namely; Togo, Kenya, Nigeria and Djibouti.

Otherworld countries that feature in the top 20 list are Azerbaijan, Bahrain, Bangladesh, China, India, Jordan, Kenya, Kosovo, Kuwait, The Kyrgyz Republic, Myanmar, Pakistan, Qatar, Saudi Arabia, Tajikistan and Uzbekistan.

Source – The Herald

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