The Reserve Bank of Zimbabwe (RBZ) announced on Thursday its decision to launch a new postponement roadmap nationwide. The guideline timeline is set for November this year, and a new framework is shaping monetary policy. The central bank confirmed that the roadmap is a five-year policy that will lead to major economic changes in the fiscal year.
“The roadmap for dolling is an ongoing work.” He wrote it in a joint report to the Reserve Bank of Zimbabwe. “It will be crystallized in National Development Strategy II (NDS2) and will always be considered to ensure business continuity and certainty.”
Zimbabwe’s central bank announces major postponement roadmap
The Reserve Bank of Zimbabwe confirmed that it will hold consultations with stakeholders and regulate its derailment roadmap accordingly. Authorized dealers are permitted to continue their business as normal, but other dealers may undergo changes. The overall import and export sector could be affected if the policy was published in November. Unauthorized dealers could face legal trouble if they continue to send or receive US dollars after the November roadmap.
Many cross-border transactions in foreign currency without the permission of the central bank have plagued the country. Currently, Zimbabwean local currency is the only solution to gain a larger share of the market. The central bank decided to crack the whip on illicit dealers pooling in US dollars, and Zimbabwean dollars became dysfunctional in the market.
The derailment roadmap is working on as the US dollar has illegally expanded into Zimbabwe. With the help of fintech companies, fraudulent dealers were flying hard cash in USD stuffed into various bundles. As demand for the US dollar grew, millions of hard cash spread across the country. This depreciated the local currency, Zimbabwean dollar, and prompted the government to take a tough position against medical malpractice.
