12 February 2018

Zimbabwe: Zimcodd Calls for Prosecution of Chinese Refusing Plastic Money

Zimbabwe Coalition on Debt and Development (ZIMCODD) has called on the Reserve Bank of Zimbabwe (RBZ) to order the closure of Chinese nationals' owned shops which are not accepting "plastic money" around the country.

According to ZIMCODD, Chinese national have maintained their position (not accepting plastic a move which is inconveniencing consumers.

ZIMCODD added that the RBZ and other law enforcement agents have failed to contain the situation.

"The RBZ is pointing to the 2018 Finance Bill as the solution to the multi-pricing system (4-tier) as the Bill makes it illegal to decline the plastic money.

"This is not enough in the Zimbabwean set-up where most laws and policies have just remained on paper.

"Most wholesale units (tuck-shops) and Chinese shops around town, especially in Harare, do not want any form of plastic money and they have maintained their position for more than a year now and the RBZ and other law enforcement agents have failed to contain the situation," they said.

The use of plastic money in Zimbabwe has significantly increased and currently stands at 80% coverage.

The more the number of people using plastic money literally means that more people are robbed of their hard earned cash as plastic money is considered to be of a lesser value than cash, a scenario which has resulted in the 4-tier transaction payment system.

ZIMCODD called for the prosecution of such business people saying that will be a practical solution to the problem.

"There should be an Office within the RBZ, accessible to the public, where reports are made and shops like these are closed and owners prosecuted.

"The public is facing the reality of the 4-tier payment system and there should be a real and practical solution to the problem," they said.


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