Imports of US$ to continue: Chinamasa

Source: Imports of US$ to continue: Chinamasa – Sunday News Dec 4, 2016

Harare Bureau
THE Government will continue importing US dollars as the introduction of bond notes onto the market will help in reducing the import bill, Finance and Economic Development Minister Patrick Chinamasa has said.

Minister Chinamasa said it was very expensive to import physical cash as it is paid for in US dollars.

Speaking to our Harare Bureau Minister Chinamasa said: “The point I am making is that we are using our US dollar receipts from exports such as tobacco, gold, platinum, nickel and chrome to import physical cash.

“The tragedy that we are then having is that after we spend a lot of money importing the cash, people come and mop it up and get it out of the country. So, one of the advantages of bond notes is to ensure the valuable US dollars that we import are not mopped up but remain in the country for use for critical purposes.

“The very precious US dollars which cost us a fortune to import have been disappearing like water through a sieve. We cannot continue importing physical cash so that it comes and disappears from the system. So, bond notes will ensure not all that we have is mopped up.

“What I want to reiterate is that we will continue to import the US dollar, but the coming in of bond notes means that they will help us reduce importing the US dollars by a fraction. We use a multi-currency system; so under that multi-currency system, the US dollar will remain because we will continue to import it.

“We are also encouraging use of other currencies in the multi-currency basket, particularly the South African rand. This is why Government departments have been directed to accept other currencies such as the rand, pula, Australian dollar, pound and other currencies in the multi-currency basket.”

COMMENTS

WORDPRESS: 6
  • comment-avatar
    Joe Cool 5 years ago

    What absolute drivel. Is he really complaining that it costs a dollar to buy a dollar? What ‘critical purpose’ does the US dollar have inside the country now that we have the fashionable Zim dollar to flash around?

  • comment-avatar
    nelson moyo 5 years ago

    Chinamasa is clearly a buffoon or a very stupid person.
    If you have a US dollar in your pocket surely you should be allowed to spend it however you please. If you wish to buy beer, mbanji or send it to your brother in Francistown Botswana you should be free to do so.

    Always remember to keep any US dollars you have in your own pocket and if you put them into a bank in Zimbabwe you will receive Bond notes in return. You have been warned Comrades – do not get caught out twice

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    Mazano Rewayi 5 years ago

    Why use the obvious and basic to justify dubious government policy? This really is our problem – presenting mediocrity as greatness. Here, Grade 2 arithmetic is equated to university level algebra by the “esteemed minister”. And we are forced to accept it as “brilliance” on his part. Who on earth doesn’t know that the USD is the reserve currency of the world? We need it to import, this is elementary. Surely, the minister can operate at a higher level of reasoning than this. And being a lawyer he sure has the brains for more sophisticated arguments.

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    Homo Erectus 5 years ago

    ‘…. people come and mop it up and take it out of the country….’, ‘disappearing like water through a sieve….’ . CHINAmasa – it is your very own president together with your cabinet collegeues and all your fat-cat shamwaris who are stealing all the US$ high denomination notes. But, I am sure you are aware of that; you can’t be THAT stupid, or can you?

    • comment-avatar
      Joe Cool 5 years ago

      He’s as thick as they come. Why would anyone from outside want to come and ‘mop up’ US dollars. There’s nothing rare about a US dollar – the rest of the world is full of them. The only people who want to ‘mop them up’ are Bob and the boys by using the new Zim dollar as the mop.

  • comment-avatar
    william mills 5 years ago

    Mr.Mazano Rewayi : Not necessarily!