Zimbabwe has warned that it will soon ask importers to provide proof of where they sourced funds to buy goods they are bringing into the country failing which the goods would be confiscated.
The move is aimed at curbing the black market, forcing anyone who intends to buy goods from outside the country to source money from official sources such as commercial banks or bureaux de change.
The president of the Zimbabwe Cross Border Traders Association Killer Zivhu said the move was welcome and his association had actually called for it but the government had taken its time to implement it so there was need to build confidence in the banking system first.
“We are the ones who took the initiative and wrote to Minister Ncube and the Governor of the Reserve Bank of Zimbabwe when the Zimbabwe dollar was introduced and said let’s have a situation where every importer declares their source of foreign currency at our ports of entry because we knew it will deter the black market,” Zivhu was quoted by the Herald as saying.
“Our view was that we would then have people being able to buy goods from outside the country using master cards or visa cards having loaded them with US dollars which they have been keeping under their pillows at home.
“At that time it would have worked because there was some confidence in the banking sector which has somewhat waned at the moment. So, what Government should do is to direct the RBZ to restore confidence in the banking sector first.
“So, my take is that Government should consult industry extensively beforehand.”
The move seems to be the brainchild of new Deputy Finance Minister Clemence Chiduwa who also believes that the move would address the current pricing system which is based on the movement of the exchange rate on the back market.
“Our inflation rate at the moment is now being driven by expected movements in the parallel market rate. What is just needed is to ensure that all the laws that are supposed to guide the operations of economic agents are in place. What is needed on our part is compliance and enforcement,” he said.
Chiduwa was elected to Parliament two months ago and was appointed deputy Minister this month.
Finance Minister Mthuli Ncube had not deputy until then.
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