Mnangagwa cornered over long overdue monetary policy statement

HON. MADZIVANYIKA:  My supplementary question to the Minister is that – this subject is an elephant in the living room.  We have been raising this question since January week in, week out. Before, it was Monetary Policy and next week is, you are consulting. We need assurance from the Minister because this is a matter of national importance.  When are we going to have this corrected? Today, you are saying there is going to be a new currency management system; when is that coming because this is a matter of urgency?  We expect answers from the Minister, not to say can you be patient with me over and over again – [HON. MEMBERS: Hear, hear.]-

THE ACTING SPEAKER:  I think the Minister has answered that one – [HON. MEMBERS: When?]- Now. He said it is work in progress and it is under discussion.

HON. TSVANGIRAI: We understand that the Minister says that we are going to have the Monetary Policy in the next few weeks.  What is the Minister doing on the fiscal side of things to cushion those who are affected by the high inflation rate or high cost of living?

HON. K. D. MNANGAGWA:  I think the Hon. Member wants us to deliver half-baked solutions to the prevailing situation.  The Fiscal Policy will seek to align with the up-coming monetary policy, only then will those measures be in place. 

HON. MUGWADI: My supplementary question to the Minister is in respect of local currency.  It appears there is serious growing tendencies from business community and other institutions such as schools who have suddenly ceased to respect the Zimbabwean dollar as a currency and legal tender.  What is the Minister doing to ensure that at least we must see unconditional acceptance of the local currency as has been directed by the powers that be?

HON. K. D. MNANGAGWA:  As you have rightly pointed out, the Zimbabwean dollar is legal tender and anyone failing to accept the Zimbabwean dollar is operating outside the law.  If there are instances where one is operating in an illegality, we do have institutions like the Financial Intelligence Unit, which we can send a note to investigate why they are continuing with this process.  I would like Hon. Members to focus on the bigger picture which we keep on churning in, in the next few weeks and in the fullness of time, I believe we will have a more robust solution to these shenanigans. 

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