June 17, 2020

Zim to employ dual pricing system

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ZTN Reporters

THE Reserve Bank of Zimbabwe has announced that the Foreign Exchange Auction Trading System will be operational with effect from 23 June.

The development will see a dual pricing system becoming operational with businesses now required to display prices of goods and services in both local and foreign currency at the ruling market rate.

The apex’s game announcement came on a day when it was revealed that civil servants in Zimbabwe are set to get a US$D75 COVID-19 allowance over the next three months and also get a 50 percent salary increment.

The country’s Treasury on Wednesday also announced that pensioners will receive a flat, non-taxable, COVID-19 allowance of USD30 per month.

“Government would therefore wish to advise all members of the civil service that the measures have been put in place while a comprehensive impact assessment and framework for mitigating against the downside macroeconomic risks of the wage proposals made to the government on the budget and the economy are being carefully worked out,” the Ministry of Finance said in a statement.

Hours after statement from Treasury the RBZ announced that “The adoption of the Foreign Currency Auction System expected to bring transparency and efficiency in the trading of foreign currency in the system.” 

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