The Amalgamated Rural Teachers Union of Zimbabwe (ARTUZ) has expressed concern over the recent announcement by the Reserve Bank of Zimbabwe (RBZ) introducing a new “Structured Currency”.
While acknowledging the importance of a stable local currency, the union is demanding urgent clarification on several issues surrounding the new currency’s implementation.
“Whilst we acknowledge the need for a strong local currency for macroeconomic development, we express serious concern over the lack of integrity in the operations of the Reserve Bank of Zimbabwe, the Ministry of Finance, Economic Development and Investment Promotion and the government of Zimbabwe,” reads the statement seen by Bustop-TV.
ARTUZ argues the introduction of the new currency lacked transparency and consultation with the public or parliament and they believe citizens should have a say in such matters and demand consultations before the currency’s rollout.
“The citizens of Zimbabwe, woke up to the announcement on the press of a development which significantly affects their lives, without the benefit of sufficient notice and consultation. As a Union we maintain that citizens remain the repository of solutions to the challenges affecting their lives, in their diversity.
“We demand that sufficient consultations be done and room be given for submissions on the matter. Confidence plays a key role in the acceptance of any currency and consultations will result in ownership of the currency by the people of Zimbabwe .NOTHING FOR US WITHOUT US!,” reads the statement.
ARTUZ also seeks assurances that the new currency won’t disrupt the multi-currency regime, particularly the continued use of the US dollar until 2030.
“We demand that there be clarity on the matter assuring the citizens of Zimbabwe that the introduction of the structured currency will not interfere with the transactions in US dollars.
“It is a public secret that the economy of Zimbabwe has dollarized and, in some localities, the Zimbabwean dollars are not accepted either as change or for purchases,” reads the statement by the union.
The union also demands that civil servant salaries be pegged to the US dollar, reflecting the dollarized economy.
“We demand that all salaries of government workers be pegged to the US dollar to the last cent. All facets of the economy have dollarized and keeping a façade of local currency whose value is not certain, as a component of remuneration for civil servants is hypocritical.
“The introduction of a new currency should be done where value of earnings is not in dispute and the exchange into another currency fluid,” reads the statement.
The union is blaming the black market for fueling monetary instability and demands stricter enforcement to channel all transactions through the banking system.
The Union urges the RBZ and the Ministry of Finance to suspend the new currency’s rollout.
“To this end, ARTUZ calls upon and the Reserve Bank of Zimbabwe and the Ministry of Finance, Economic Development and Investment Promotion to suspend the promulgation of the new Currency and give notice, unpack the Structured currency, invite input, and give the necessary assurance to the citizens,” the statement.
