The Governor of the Reserve Bank of Zimbabwe Dr John Mangudya yesterday presented a new monetary policy in which he mentioned the policy as expected to encourage exports and form measures to boost confidence in the foreign currency market, and rein inflation.
Mangudya said that, since the economy had been damaged by the reintroduction of local currency this new monetary policy will bear achievement. The policy forms changes in that banks have been directed to create nostro accounts for foreign currency transaction (FCA) which will run separately from existing bank accounts.
“Zimbabweans will only transact electronically with their accounts being in bond notes and RTGs and that will secure their money and foreign truckers will now require foreign currency to purchase fuel.”
However within the new monetary policy taxes have been increased for the public, an increase in mobile money transfer tax to 2% per dollar from $0.05c per transaction as the parallel market is still rampant and controlling the exchange. The tax review has been prompted by revenue consideration following the mobile money explosion that has taken place since 2016 when the Reserve Bank of Zimbabwe launched a campaign for a cashless economy.