Almost 80-90% of exports are managed through the central bank. The central bank has now introduced a system whereby for each export, it retains 50% foreign exchange for use for importation of fuel and also for use by those economic players who are into import substitution who may want to import raw materials. The other 50% goes to the exporters, for itself and also for purchase of spares and raw materials. We think that over the future and as we start the tobacco auction system, we should be able to know what foreign exchange is coming in through the traditional structured channels and we are going to manage it for the entire economy and not for individuals.
There will be very little foreign exchange available outside that market which can be traded on the black market.
HON. MISIHAIRABWI-MUSHONGA: Thank you Madam Speaker. My question to the Hon. Minister is, in the event that one has gone into a shop and what Hon. Mutseyami has said is happening, what does one do?
Yesterday, I walked into a pharmacy and not an informal shop. I wanted to buy drugs. They now have specific drugs which are cash drugs and they want US$. If they say cash, they want US$. There are drugs which you can buy by swiping and those that you can buy using bond notes. You cannot buy specialised drugs using bond notes or through swiping.
As I speak, Zuva Service Station at Groombridge is saying you can only swipe for 20 litres, anything else has to be paid in cash. If you are saying this is illegal, what do I do if I encounter such a situation? Is there a number where I can phone? Do I report them to the police? What is the current policy of Government?
HON. CHINAMASA: Thank you very much for bringing these developments to my attention. These are matters that I am going to discuss with the Governor. Infact, we were discussing precisely these developments especially the incident you mentioned about Zuva – all fuel importers are not using their own foreign currency. They are using foreign currency that they are given by the central bank so they have the least excuse to demand payment in foreign exchange. These are issues that clearly we are going to follow up. If there is any loop-hole in the law, we will certainly seek to close it.
I can understand those because at the moment we are going through a patch of problems of availability of foreign exchange to import raw materials. So, if something like this is happening, I can understand where they are coming from in order for them not to collapse their industries. However, we are giving priority to importation of fuel and they are given foreign exchange directly. They are not using their own foreign currency, they neither create foreign currency nor export fuel. So it is an issue that we will look into and we will come up with an answer soon. – [HON. MEMBERS: Inaudible interjections]. –
THE TEMPORARY SPEAKER: I think the Hon Minister is clear that they are going to look into the issue and come with a response on the measures that they will take on that issue.
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