Business leaders have praised the Reserve Bank of Zimbabwe (RBZ) for maintaining a tight monetary policy, which has helped stabilise the ZiG against the US dollar.
Speaking before the Parliamentary Portfolio Committee on Budget, Finance, Economic Development, and Investment Promotion, industry representatives welcomed the monetary measures outlined by RBZ Governor Dr. John Mushayavanhu in the recent Monetary Policy Statement.
Confederation of Zimbabwe Industries economist Dr. Cornelius Dube emphasised the importance of stability, noting that a tighter monetary stance had contributed to a declining parallel market premium.
“If this wave of stability is sustained, confidence in the Zimbabwean currency may begin to materialise,” he said. He also welcomed the introduction of interest payments on savings for both ZiG and US dollar accounts, though he noted that rates—5% for ZiG and 2.5% for USD—remained lower than bank charges, which could limit their appeal.
Zimbabwe National Chamber of Commerce president Mr. Tapiwa Karoro commended the RBZ’s shift toward a market-driven exchange rate, though he stressed the need for a structured de-dollarisation roadmap with clear milestones to guide businesses through the transition.
Meanwhile, Confederation of Zimbabwe Retailers board member Mr. Sevious Mushosho called for a foreign currency facility for retailers. He suggested that retailers be allowed to access forex at interbank rates based on a portion of their sales in ZiG, helping to balance local currency collections with foreign currency payment obligations.
The discussions also raised concerns over high regulatory compliance costs, which were seen as a barrier to business operations. Industry representatives urged the government to introduce incentives that would encourage informal businesses to formalise.
In response to the issue, President Emmerson Mnangagwa has already directed that compliance costs be reduced to improve the business environment.
