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"...Ncube affirmed the government's commitment to preserve macroeconomic balance..."
On Thursday, Zimbabwe implemented the complete elimination of restrictions on the importation of essential goods in an effort to mitigate the escalating prices.
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"In order to enhance the supply of basic goods to the public, all basic goods will no longer be subject to import licenses and will also come into the country free of import duties and taxes," Minister of Finance and Economic Development Mthuli Ncube said.
The authorities have recently declared an extensive array of measures aimed at stabilizing the exchange rate and macroeconomic environment due to the price hikes and exchange rate instability in the recent weeks.
Ncube affirmed the government's commitment to preserve macroeconomic balance and eliminate exploitative arbitrage circumstances in the economy.
Government lifts import restrictions - Prosper Ndlovu prosper.ndlovu@chronicle.co.zw GOVERNMENT has lifted all restrictions on the importation of basic commodities to boost market supplies and granted 100 percent retention of domestic foreign currency earnings, with a further... pic.twitter.com/8N01vmqbhn
— Team Zimbabwe (@team_zimbabwe) May 12, 2023
According to Ncube, the government intends to encourage the usage of the Zimbabwean dollar in domestic transactions.
Ncub has stated that such goals will be achievedthrough the enforcement of mandatory payment of government agency and service provider fees and levies in the local currency.
The measures involve the refinement of the foreign exchange auction system, the relocation of all external loans, and a pledge to consistently evaluatethe domestic interest rate with the objective of promoting domestic savings.
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