Chinamasa says Reserve Bank of Zimbabwe Amendment Bill will address issues like three-tier pricing

Finance Minister Patrick Chinamasa yesterday said Reserve Bank of Zimbabwe Amendment Bill which will legalise bond notes is going to address issues like three-tier pricing and will set penalties for rejecting bond notes.

He was responding to a question from Gen View North legislator Fani Munengami who said shops were now selling goods at different prices depending on how you pay.

“A product can cost $100 when you are swiping, if you are using cash it will cost US$90 and if you want to buy in bond notes, that same product is sold at $120,” he said. 

“So, we have a three tier system of cost of goods in our shops.  Why should that be happening when we are assured by the government that the value of the bond note is equal to the US dollar?  Why should we have this anomaly?”

Chinamasa said the Reserve Bank Amendment Bill which is before Parliament, will address those concerns. 

“It is coming up with a law to penalise and criminalise that kind of conduct,” he said.

Q & A:

*HON. MUNENGAMI: Thank you Mr. Speaker Sir.  Still on the question raised by Hon. Chinotimba, my supplementary question is, may the Minister of Finance and Economic Development explain on the three tier price which we find in the shops, where the same goods are sold at different price depending on how you pay.  A product can cost $100 when you are swiping, if you are using cash it will cost US$90 and if you want to buy in bond notes, that same product is sold at $120.  So, we have a three tier system of cost of goods in our shops.  Why should that be happening when we are assured by the Government that the value of the bond note is equal to the US dollar?  Why should we have this anomaly? – [HON. MEMBERS: Inaudible interjections.] –

THE HON. SPEAKER: Order, order!

HON. CHINAMASA: I thank the Hon. Member for his question and I take note of the concerns that he has raised.  The Reserve Bank Amendment Bill which is before this House, is addressing those concerns.  It is coming up with a law to penalise and criminalise that kind of conduct.

*HON. MUNENGAMI: On that same note Hon. Speaker….

THE HON. SPEAKER: I did not recognise you.  Hon. Members, that issue of bond notes, I think it is being debated under the Reserve Bank Amendment Bill.  So, can you raise your concerns there?  Can we go to new questions?

HON. GONESE: Mr. Speaker, my point of order is that we have not done justice to this issue of bank charges because the real issue is; they are obscene bank charges in this country and what the Minister is

THE HON. SPEAKER: Order, order, order.  I think the Hon. Minister has responded to that.  Investigations will be made.  We cannot belabour the point.

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