Minister of Industry and Commerce Urges Businesses to Embrace New Currency and Safeguard its Integrity
Minister of Industry and Commerce, Mangaliso Ndlovu emphasised the collective responsibility of all stakeholders in supporting the new measures implemented to safeguard the integrity of the currency.
While speaking to the media after meeting with industrialists on 11 April at ZITF, Ndlovu encouraged business owners to embrace the usage of the local currency while assuring them that the Reserve Bank Governor had expressed a commitment to addressing any challenges regarding accessing foreign currency when there is a legitimate need.
“The Reserve Bank Governor has given his assurance to the country that individuals should test the system, and if they are unable to meet their foreign obligations using the domestic currency, they will be allowed to use foreign currency. However, it should be noted that the availability of foreign currency will be limited to the extent corresponding to our reserves,” stated Minister Ndlovu.
Currency Stability
The gathering was aimed at fostering clarity and promoting the acceptance and stability of the local currency. Minister Ndlovu also praised the Minister of Finance and the Reserve Bank for their proactive approach in engaging the business sector.
To ensure the success of these measures, Minister Ndlovu stressed the importance of fiscal discipline and maintaining the stability of the currency. He expressed satisfaction with the positive response from businesses in Bulawayo, who have shown willingness to support the new policies. However, concerns were raised regarding delays in the conversion process and difficulties faced by some companies in making payments at the borders.
Minister Ndlovu acknowledged these challenges and assured the industrialists that the Ministry of Finance would address them urgently. He anticipated that the conversion process would be completed promptly, minimizing any disruptions. He further emphasized the need for tangible results to build confidence in the local currency.
Establishing Trust
Minister Ndlovu stated, “What will be critical is that everything the Reserve Bank has promised is seen and felt on the ground. When individuals have legitimate foreign obligations, they should be able to access foreign currency from the banks to settle those obligations. It is through such practical demonstrations that confidence in the new currency will be established.”
In summation, Minister Ndlovu expressed confidence in the Reserve Bank’s commitment to implementing the announced measures effectively. He emphasized that building trust and confidence among the public would be pivotal in promoting legitimate business activities in Zimbabwe.
Bulawayo Chamber of SMEs coordinator, Nketa Mangoye Dlamini said people should embrace the new local currency to show confidence in the money so that it won’t lose value.
Embrase and Support
He said, “We leaders should use that local currency as an example to others and the public showing confidence in it.”
Director for Mars Wholesale and Chairman for Gwanda Businesses Association, Thomas Gwatida has also encouraged the public to embrace new local currency.
“On my side I really appreciate the introduction of ZIG and I want to encourage businesses and the nation at large to embrace and support it,” said Gwatida.
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