Zanu-PF Youths calls for currency reforms, want Zimbabwe to have own currency

The Zanu-PF Youth League has called on the country’s monetary authorities to begin the process of currency reform to enable the country to introduce its own currency.

The youths claimed that they had investigated the reason why prices are going up and discovered it was due to the increasing foreign currency exchange rates on the black market. The youths go on to call for the removal of duty on all raw materials used by manufacturers. We publish the statement full in below:

ZANU (PF) Youth League Statement on Wanton Price Increases

  • The ZANU PF Youth League has noted with concern the continuous increase of basic goods and the disappearance of some products on the market.
  • Of special concern is the fact that the price increases are coming a few days after the fiscal and monetary authorities presented the policies to the nation.
  • Our investigations with different manufacturers has revealed that the bulk of manufactures did not change the prices of any of their products.
  • However, some manufacturers highlighted that there are not receiving adequate supply of foreign currency from the Reserve Bank of Zimbabwe to import the required raw materials. The manufacturers indicated that they are getting the foreign currency on the black market at high prices and this leads to pegging of the prices to the prevailing USD/bond rate.
  • In the interim, it is also important that all duty on raw material used by manufacturers be lifted.
  • Further, the monetary and fiscal authorities should clearly explain on how they intend to deal with the illegal forex trading. This in our view is the major source of the problems bedevilling our economy.
  • It is against this backdrop, that the League recommends that the monetary authorities begin process of currency reform considering the fact that a monetary policy is more effective when a country has its own currency.

Source: Pindula