Consumer Council applauds forex billing warning issued by government
Written by Skyz Metro FM on July 6, 2023
Skyz Metro FM reporter
The Consumer Council of Zimbabwe (CCZ) has applauded the recent forex billing warning issued by the government which reassured that the Zimbabwean dollar remains the sole legal tender and nothing can be billed exclusively in foreign currency without special exemption.
Expectations are that the exchange rate both official and parallel market, which recently took a battering from the negative impact of excess liquidity in the market, will strengthen in favour of the local currency going forward.
Speaking in an interview, Consumer Council of Zimbabwe Matabeleland regional manager Mr Comfort Muchekeza urged businesses to follow the exchange rate trend and reduce the prices of basic commodities here-in-after.
”This is indeed a step in the right direction, we anticipate economic stability. As of now, we are yet to see prices going down, we call upon all those in business to pass on to the consumers the benefits derived from the declining exchange rate.”
He added that the multi-currency system should not outshine the legal tender emphasising that other currencies are simply a complementery measure to ease the burden on the local currency and conduct business with ease.
”The government has allowed the use of multi currency. That on its own should not be interpreted to say other currencies have substituted the Zimbabwean dollar. Instead they are complimenting our local currency. The local currency should be given first priority because majority of consumers have access to the local currency, exclusively”, he said.
A few weeks ago, Government announced additional measures to encourage the use of the local dollar as opposed to the US dollar, in a bid to boost the local unit and tame rising consumer inflation.
The measures include a directive that all Government departments collect fees in local currency, the introduction of a 1 percent tax on all foreign payments and that all customs duty be payable in local currency, with the exception of designated or luxury goods and where an importer opts to pay in foreign currency.