We Have NO Plans To Introduce $100, $200 Banknote: RBZ Refutes Reports 

RBZ Speaks On Devaluing Zimbabwe Dollar

No Plans To Introduce $100, $200 Banknote: RBZ Refutes Reports 

No Plans To Introduce $100, $200 Banknote: RBZ Refutes Reports 

The Reserve Bank of Zimbabwe (RBZ) has denied media reports that it is working on introducing a $100 and $200 banknote. The central bank through its governor John Panonetsa Mangudya, however, conceded that it is working on introducing a $50 banknote.

In a statement on Tuesday, RBZ governor John Mangudya said,

FOR THE RECORD

The Reserve Bank of Zimbabwe (the Bank) is working on the introduction of a Z$50 banknote into the market for the convenience of the public.

For the time being, the Bank has no plans of introducing Z$100 and Z$200 banknotes as suggested in some sections of the media.

 

 

 

No Plans To Introduce $100, $200 Banknote: RBZ Refutes Reports 
No Plans To Introduce $100, $200 Banknote: RBZ Refutes Reports

 

 

 

The denial of the impending release of the new banknotes by the central bank comes just days after state-owned media reported that the central bank was going to release higher denomination banknotes and increase the physical money supply. According to the reports, this was being done to curb cash shortages and improve transacting convenience.

Economist Eddie Cross, who is a member of the RBZ Monetary Policy Committee was quoted as saying that they were waiting on President Emmerson Mnangagwa to approve the design of the new notes. Cross is quoted by national broadcaster ZBC as saying,

“The only new note which is due to come in shortly is the $50 note and I’m not certain when that is going to be available but it is in the process of preparation.

“There are already plans to introduce some higher denomination notes this year.

“Some time ago we made a decision in the MPC to introduce new $200, $100 and $50 notes.

“I understand that this is being dealt with by the governor working with the President because the President has to approve the designs and everything else. But I understand that the $50 note will be available early in the new year.”

The news of the impending release of the new banknotes was not welcomed by many. Some economists warned that the release of a $100 and $200 banknote would result in inflation.

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    Here Is How To Stop EcoSure From Deducting Your Money Automatically

    Gvt To Start Cash Transfers To Underprivileged Families

    How To Stop EcoSure From Deducting Your Money Automatically

    How To Stop EcoSure From Deducting Your Money Automatically

     

     

    Judging from comments on social media platforms and forums, it appears that one of the most frustrating experiences for EcoSure Funeral Cover customers is when the service makes automatic deductions from their EcoCash mobile wallets.

    As these deductions can sometimes take place at very inconvenient times, iHarare has noted that many people have been inquiring on how to stop EcoSure from deducting money from people’s mobile wallets automatically.

    Worry not, here is how you can stop EcoSure from deducting money from your EcoCash mobile wallets so that you can control when you get to make the payments.

      1.  Dial *900#
      2.  Proceed to enter you EcoCash PIN
      3.  On the menu options select Option 1: EcoSure Funeral Cover
      4.  Then select Option 1: Ecosure Individuals
      5.  On the currency menu, select Option 1: RTGGS Dollar
      6.  On the next menu, select Option 4: Manage Policy
      7.  Select Option 3: Disable Premium Auto Debit
      8.  Select Option 1 to confirm that you want EcoSure to stop make automatic deductions from your EcoCash mobile money wallet every month.

     

    How To Stop EcoSure From Deducting Your Money Automatically
    How To Stop EcoSure From Deducting Your Money Automatically

     

    Please note that EcoSure Funeral Cover advises that in the event of death if your policy is not paid up, the claim will be rejected.

    In case you need to make sure that EcoSure continues making the monthly deductions from your EcoCash mobile wallet automatically, you can re-enable the option by following all the steps above. However, when you get to Option 7, select Enable Premium Auto Debit.

     


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    RBZ Issues A Stern Warning Against Businesses That Refuse Torn US Dollar Notes

    RBZ Issues A Statement Against Businesses That Refuse Torn US Dollar Notes

    RBZ Issues A Statement Against Businesses That Refuse Torn US Dollar Notes
    RBZ Issues A Statement Against Businesses That Refuse Torn US Dollar Notes

    Zimbabwe’s central bank has issued a statement against persons and businesses that have been in the habit of refusing worn and old U.S dollar notes in the country.

    So deep had been the plague such that businesses, especially in the City of Harare could not accept U.S dollar notes produced before 2006 as they are considered of less value than newer and crispier notes.

    In a public notice dated 21st of December 2020, the RBZ governor, Dr Mangudya issued a stern warning to such entities, emphasizing that it was criminal to refuse these notes.

    Old, torn and worn out U.S dollar notes are to be accepted anywhere in Zimbabwe.

    This because the U.S government consider any dollar bill valid as long as it is in its original form and still has most part of the note intact.

    Reserve Bank of Zimbabwe public notice on old and worn United States dollar notes reads;

    It has come to the attention of the Reserve Bank Of Zimbabwe (the Bank) that some persons are refusing to accept old and worn United States dollar (U.S. dollar) notes that they are old and mutilated and therefore of no value.

    For the benefit of the transacting public and as already advised by the USA Embassy in Zimbabwe in its Tweet on 16 November 2020, the Bank wishes to inform and restate the position of the United States Government that U.S. dollar notes do not expire no matter their age and that the U.S Government does not even consider old worn notes to be mutilated as long as more than half of the note is intact and the value of the note is clear.

    RBZ Issues A Stern Warning Against Businesses That Refuse Torn US Dollar Notes


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  • Mixing Streetwear And Music Has Always Been The Culture At 7:30

    Mixing Streetwear And Music Has Always Been The Culture At 7:30

    7:30_streetwear_Zimbabwe Mixing Streetwear And Music
    Mixing Streetwear And Music Has Always Been The Culture At 7:30

    Mixing streetwear and music has always been the culture at 7:30, always pushing beyond mainstream territory, introducing you to the future of the art!

    One might even say, music is engraved in the 7:30 DNA.

    The apparel and clothing company has proved just how to do so in Zimbabwe.

     

    7:30 is a ready to wear/streetwear brand for the men and women with discerning taste

    Following a firm comprehension of the core values of 7:30 and all that which they stand for, the explanation as to why they’d be drawn towards up and coming flames like Tashamiswa becomes redundant.

    That’s one house that craves and lives for the conflagration.

    Tashamiswa is truly an icon in the making and a voice that cannot be muted; its “all roads lead to superstardom” for her. She’s a burst of energy and character but in human form.

    7:30_streetwear_Zimbabwe Mixing Streetwear And Music

    Tashamiswa is an emerging Zimbabwean Hip Hop artist known for her single “Crew” produced by multi-talented producer Amvis, her collaboration with Nutty O “Pon Me”, her strong lyricism and her daunting persona. It’s quite apparent that this is only the beginning.

    Tashamiswa’s rap career began sprouting during her preteens and she has been making strides at securing her spot in the industry since then. She has grown to become a receptacle for all things that make up a star; style, mounds of personality, creativity, proficient lyricism and versatility.

    Some have even gone so far as to dub her the Fela Kuti reincarnate, and that is no small feat.

    7:30_streetwear_Zimbabwe Mixing Streetwear And Music

    Honestly, that alone should be reason enough for one to get with her music. We know 7:30 did!


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    Bank Charges Shocker: Customers Cry Foul As Steward Bank Charges US$250 Minimum For Telegraphic Transfer

    Steward Bank Charges Minimum of US$250 For Telegraphic Transfer

     

    Steward Bank Charges Minimum of US$250 For Telegraphic Transfer

     

    Zimbabweans on social media have expressed shock after learning that Steward Bank charges customers a minimum of US$250 for a single telegraphic transfer.

    Most people were shocked to learn that the charges were so astronomical and accused the bank of unsavoury banking practices.

     

    What Happened?

     

    The issue started when a Harare based photography & videography company called kaySIMMZpix took to social media to complain that Steward Bank was offering them only US$165 following a telegraphic transfer of US$478. They alleged that the bank had deducted US$305 as charges.  kaySIMMZpix wrote,

     

    So after 4months of complaining on your timeline, and signing never-ending documents U want to give me 165USD from a telegraphic transfer of 478USD. what kind of bank charges cost 305USD. I want my money, please.

    So after 4months of complaining on your timeline, and signing never-ending documents U want to give me 165USD from a telegraphic transfer of 478USD. what kind of bank charges cost 305USD. I want my money please. pic.twitter.com/mzl6CFVqF6

     

    The bank promptly responded saying that US$250 was the minimum charge while the rest of the money was for sending fees which should have been catered for by the sender. Responding to the query the bank said,

    Kindly note $250 is the minimum charged by the intermediary bank. The additional fees relate to sending fees ordinarily catered for by the sender. Steward bank does not charge to incoming telegraphic transfers.

    When asked why they had chosen to do a telegraphic transfer when they were aware of the high charges, kaySIMMZpix said that they were unaware of the charges. They also said that that they had opened the Steward Bank account as they were desperate to receive money from outside during the national lockdown. At that time, Steward Bank was the most convenient option.

    I needed to receive my salary during lockdown days via TT so steward was the only bank that offered account opening via USSD. No further information was provided except that. I was sceptical myself no lie. I think they should publish the charges or make it known to clients.

    … opened the account via USSD on my phone during lockdown because It was the only option available to me at the time I couldn’t move around. My Job only receives money via TT so I was expecting a 0.7% charge then boom they take 65% of the money. This bank is not very forthcoming

     

    kaySIMMZpix also said that Steward Bank had neglected to inform her of the high bank charges for Telegraphic Transfers and did not provide any documentation for such.

    I opened my dura via telephone USSD during the lockdown. for a dura account,U have no bank card, you cant link it to your visa card, to check balance you have to call them, there is no customer portal for the FCA.@stewardbank  where I these terms and conditions for FCA accounts

    Stop lying How can I understand you taking my 305USD. I opened my account with you because you promised no monthly fees. There is nowhere that says you charge 305USD for two transactions, a shameful lot. U just said 305 from charges show me where I said I agree?

    When another social media user questioned Steward Bank on the identity of the intermediary bank that they were using that has such exorbitant charges, the bank responded with a list of their minimum charges for different currencies

    Please find the charges below Foreign Bank Charges
    USD 0.75% minimum USD 300.00
    GBP 0.5% minimum GBP 150.00
    EUR 0.5% minimum EUR 150.00
    ZAR 0.5% minimum ZAR 250.00
    maximum ZAR 1000.00

     

     

    Steward Bank Charges Minimum of US$250 For Telegraphic Transfer
    Steward Bank Charges Minimum of US$250 For Telegraphic Transfer

    What is a Telegraphic Transfer?

     

    A telegraphic transfer  or telex transfer, often abbreviated to TT is basically an electronic method of transferring money and is commonly used to transfer money internationally. It may also be referred to as a wire transfer or SWIFT transfer. Senders pay for the transaction at the remitting bank and provide the recipient’s name, bank account number, and the amount transferred.   A transfer charge is often charged by the sending bank and in some cases by the receiving bank.

     

    What Do Other Local Banks Charge For Telegraphic Transfers?

     

    According to the local tech blog, Tech Zim, here is what other local banks charge for Telegraphic Transfers:

     

     

    How did Zimbabweans react to the bank charges of US$250 for Telegraphic Transfers?

     

    Unsurprisingly, Zimbabweans on social media did not take the charges well and made their feelings known. Here are some of the reactions.

     

     

     


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    Facebook To Lose WhatsApp And Instagram

    Facebook Lawsuit: Facebook To Lose WhatsApp And Instagram

    Facebook’s Ludicrous Deals Could Make It Lose Instagram And WhatsApp, US Federal Regulators

    Facebook Lawsuit: Facebook To Lose WhatsApp And Instagram
    Facebook To Lose WhatsApp And Instagram: Mark Zuckerberg speaks at the F8 summit in San Francisco, California, on March 25, 2015. Zuckerberg introduced a new messenger platform at the event. AFP PHOTO/JOSH EDELSON (Photo credit should read Josh Edelson/AFP/Getty Images)

    US federal regulators have filed a major lawsuit against Facebook that could cripple the company if successful.

    They seek to dismantle Facebook from its smaller businesses, Facebook Messanger, WhatsApp and Instagram.

    This after more than 45 state prosecutors and the Federal Trade Commission highlighted some irregularities in Facebook’s acquisition of Instagram in 2012 and its 2014 purchase of WhatsApp.

    They accused Facebook of threatening its rivals and stiffling competitors and users.

    It is alleged that the firm used a “buy or bury” approach in buying these firms and many other it failed to buy.

    One proof filed in the court papers was an internal message from the company’s CEO Mark Zuckerberg 2008 email where he sites that “it was better to buy than complete”.

    Officials are then asking the court to break up the company, because: “Facebook has used its dominance and monopoly power to crush smaller rivals and snuff out competition, all at the expense of everyday users.

    And no company should have this much unchecked power over our personal interaction and social interactions. That’s why we are taking action today.”

    WhatsApp, which now boasts more than a billion users had been Facebook Messanger’s biggest instant messaging competitor for years, especially in 2012.

    The company bought WhatsApp in 2014.

    Same with Instagram. Mark Zuckerberg admitted, the image sharing app had been one of Facebook’s biggest competitors.

    FTC approved all these deals. But has taken a U-turn now and accuses the firm of ludicrously buying with low figures.

    Instagram, for instance, as big as it is, was bought with a mere $1bn.

    Facebook has come out gun blazing over these accusation.

    In a Twitter post, the company vowed to protect its interests in whatever cost.

    “We’re reviewing the complaints & will have more to say soon. Years after the FTC cleared our acquisitions, the government now wants a do-over with no regard for the impact that precedent would have on the broader business community or the people who choose our products every day, ” they said in a tweet.

    Since the matter hasn’t been heard in court yet, people shouldn’t expect Facebook to lose WhatsApp and Instagram anytime soon. These are still part and parcel of Facebook.


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    Zimbabweans Now Required To Pay For Nuclear Inspection & Decontamination When Importing Vehicles

    Zimbabweans Now Required To Pay For Nuclear Decontamination When Importing Vehicles

    Zimbabweans Now Required To Pay For Nuclear Decontamination When Importing Vehicles

     

    Zimbabweans who wish to import vehicles into the country will now be required to pay for nuclear inspection and decontamination if the vehicles originate from countries which have experienced nuclear incidents.

    This was revealed by the Radiation Protection Authority of Zimbabwe (RPAZ) on Tuesday. According to J Chipuru, the Chief Executive Officer of RPAZ, the move has been necessitated following the gazetting of Statutory Instrument 281 of 2020 titled Radiation Protection (Safety and Security of Radiation Sources) (Amendment) Regulations, 2020 (No. 5).

    The RPAZ specifically mentioned vehicles coming from Japan as now being required to be inspected for radiation contamination. If the vehicles are contaminated, the importers will be required to pay for the decontamination.

     

    What does the notice from the RPAZ say exactly about nuclear inspection and decontamination for vehicles?

     

    Below is the notice from the Radiation Protection Authority of Zimbabwe which iHarare is publishing in full.

    NOTICE TO ALL VEHICLE IMPORTERS

    Radiation Protection Authority of Zimbabwe wishes to Inform you that it is now a requirement in terms of Statutory Instrument 281 of 2020 titled Radiation Protection (Safety and Security of Radiation Sources) (Amendment) Regulations, 2020 (No. 5), that all vehicles being imported into Zimbabwe from countries that experienced Nuclear Incidents (Japan) be inspected for radiation contamination with Immediate effect. The contamination inspector fees are as follows;

    Description: (a) light motor vehicle and minibuses.
    Contamination Inspection per vehicle: (USD)10
    De-contamination per vehicle: (USD)50

    Description: (b) buses, heavy vehicles, haulage trucks and trailers.
    Contamination Inspection per vehicle:
    (USD)20. De-contamination per vehicle: (USD)100

    For your convenience, we recommend that you make use of the prepayment facility to pay for your radiation assessment clearance into the Authority’s FCA Account provided below and present and/or forward proof of payment to accounts@rpaz.ca.zw.

    Account name: Radiation Protection Authority of Zimbabwe Account Number (FCA): 01122628550035 Bank: CBZ Branch: Kwame Nkrumah

     

    Zimbabweans Now Required To Pay For Nuclear Decontamination When Importing Vehicles
    Notice From The Radiation Protection Authority of Zimbabwe (RPAZ) Saying Zimbabweans Are Now Required To Pay For Nuclear Decontamination When Importing Vehicles

     

    What Is Nuclear Decontamination?

     

    Decontamination is the removal of radioactive material from a person, object, or place. In this specific case, it is the removal of radioactive material from vehicles.

     

    Why Was Japan Singled Out For Nuclear Decontamination?

    It is not yet clear what caused the government to implement the new Statutory Instrument considering that the last nuclear incident in Japan happened almost 10 years ago.

    In March 2011, Japan recorded the most severe nuclear accident since the Chernobyl disaster in 1986. The Fukushima Daiichi nuclear disaster occured when an earthquake and a tsunami-affected the Fukushima Daiichi Nuclear Power Plant. 4 people died from labour accidents while a broader number of older people died from the evacuation stress.

     

    What Effect Will This Have On Zimbabweans?

     

    The Contamination Inspection Fees and the Decontamination Fees will add to the cost of acquiring vehicles for most Zimbabweans. Particularly when considering that Japanese second vehicles are very popular among Zimbabweans.

    The news is unlikely to be welcomed by most Zimbabweans coming a few days after Minister of Finance and Economic Development Mthuli Ncube effectively banned the importation of cars older than 10 years.

     


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    Strive Masiyiwa Named Among 50 Of The Worlds Most Influential People 

    Strive Masiyiwa Honoured By Bloomberg

    Strive Masiyiwa Honoured

    Strive Masiyiwa Honoured
    Strive Masiyiwa Honoured

    Philanthropist and Billionaire Strive Masiyiwa has been named as an honouree on the prestigious 2020 Bloomberg 50 most influential people in the world.

    Strive Masiyiwa who is also the founder of tech giant Econet Wireless group was honoured for his exemplary efforts in Zimbabwe’s health sector where he offered to subsidise wages of nurses and doctors.

    Bloomberg wrote on their website that Dr Strive Masiyiwa who helped to stop a vast collective job action in the health sector also offered to pay a daily allowance to those hospitalized with Covid-19.

    Masiyiwa, a billionaire who’s originally from outside of Zimbabwe’s capital, Harare, paid monthly stipends from ZW$5,000 to ZW$10,000 ($62 to $124) to health-care workers to stay on the job. When Covid-19 hit, he offered an additional ZW$500 a day for anyone hospitalized by the virus and $ZW50,000 for permanent disability or death. His program ran through July, and since its expiration, some workers have gone back on strike, wrote Bloomberg.

    Bloomberg said the people who feature on its list of 50 of the most influential people in the world were picked from those who changed the world in tangible ways.

    The Bloomberg 50 takes a different approach, highlighting those who are changing the game in quantifiable ways – from finance to fashion, entertainment to manufacturing, biotech, philanthropy and almost everything in between.

    Strive Masiyiwa featured on Bloomberg’s 50 alongside the President of Taiwan, football rising star Marcus Rashford, singer and songwriter Billy Eilish, Kristalina Georgieva the Managing director, of International Monetary Fund among others.

    According to Wikipedia Strive Masiyiwa was born on 29 January 1961 in Zimbabwe and is currently based in London. Apart from being the founder and chairman of Econet Global, Mr Masiyiwa also runs a number of charities across the world.

    Since he began his philanthropist deeds 20 years ago Masiyiwa has given scholarships to over 250,000 African students, and he currently supports close to 40,000 orphans across the continent.

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    Owning A Car Becomes Harder As Mthuli Ncube ‘Bans’ Importation Of Second Hand Vehicles Older Than 10 Years

    Mthuli Ncube

    Mthuli Ncube ‘Bans’ Importation Of Second Hand Vehicles

     

    Mthuli Ncube
    Photographer: Cynthia R Matonhodze/Bloomberg

    The 2021 Budget which was presented by the Minister of Finance and Economic Development Mthuli Ncube yesterday, seems to have underwhelmed many. In the budget, Ncube made it harder for the ordinary person to own a car, by putting restrictions on the importation of second-hand vehicles, which had become the staple for many first-time vehicle owners.

    According to the Minister, the country has spent a massive US$1.3 billion in 5 years, importing second hard cars and buses. To curb the spending on second-hand cars and to promote the local industry, the Minister removed all cars that are older than 10 years from the Open General Import Licence. This means that from 2021, people will need a special import license if they want to import older cars. The new restrictions do not apply to commercial vehicles, such as trucks, tractors, and earthmoving equipment used in mining or construction.

     

    Mthuli Ncube 'Bans' Importation Of Second Hand Vehicles
    Mthuli Ncube ‘Bans’ Importation Of Second Hand Vehicles

     

    In presenting the 2021 Budget Statement, Mtuli said,

    Mr Speaker Sir, about US$1.3 billion was spent on imported buses, light commercial and passenger motor vehicles from 2015 to September.

    This is despite the existence of capacity by the local motor industry to assemble the above-mentioned range of motor vehicles.

    Furthermore, due to lack of effective standards and regulation, road unworthy vehicles, which, in some instances fail to meet environmental and safety standards, find their way onto the market.

    In line with the NDS1, which underscores value addition, I propose to remove second-hand motor vehicles aged 10 years and above, from the date of manufacture at the time of importation, from the Open General
    Import Licence.

    In the interim, commercial vehicles such as tractors, haulage trucks, earth-moving equipment and other specialised vehicles used in mining and construction will be exempt from this requirement.


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    Haulage Trucks Spend Over 500 Days At Zim Border Posts Awaiting Clearance

    Cargo Trucks Delayed At Border Posts

    Cargo Trucks Delayed At Border Posts
    Cargo Trucks Delayed At Border Posts, AGs report

    A report released by the Comptroller and Auditor-General Mildred Chiri reveals that between 2015 and 2018 cargo trucks that entered the country were taking as long as 586 days at border posts awaiting clearance.

    Mildred Chiri said in the report, that the delays in clearing the trucks were fueling illegal activities involving the goods in transit.

    The illegal offloaded goods will cause unfair competition (the prices would be lower) to the country’s local industry as they would have entered the country without proper duty related to their importation, reads the AG report.

    The report showed in detail how long some trucks were being held up at the country’s port of entry. Five border posts namely: Beitbridge, Nyamapanda, Chirundu, Victoria Falls and Kazungula have been singled out to be the ones with the highest delay for goods in transit.

    Beitbridge Border Post

    Beitbridge border post had a truck with goods in transit which delayed for 586 days in December 2015 from exiting the country through Nyamapanda border posts.”

    The goods in transit departed Beitbridge border post on December 10, 2015, and exited through Nyamapanda border post on July 21, 2017.

    Chirundu Border Post

    At Chirundu border, there was a transit cargo which entered the country and stayed in transit for 552 days before reaching its exit point on December 14, 2016, and exited through Beitbridge on June 22, 2018.

    Victoria Falls Border Post

    Victoria Falls border posts records showed a truck with goods in transit which entered the country in 2017 and delayed for 230 days from exiting the country through Kazungula border posts, despite the fact that the distance between the two border post was only 73 kilometres.

    The goods in transit departed Victoria Falls border on September 14, 2017, and reached Kazungula border post on May 5, 2018.

    Kazungula Border Post

    The goods in transit departed Kazungula border post on December 14, 2017, and exited through Victoria Falls border posts on May 25, 2018,

    However, Chiri said some of the delays were caused by pending court cases, lack of documentation, drivers falling sick as well as accidents and breakdowns.

    Upon enquiry with ZIMRA officials, it was noted that delays were caused by various reasons, for instance, the goods in transit which delayed for 586 days, it was established that it was as a result of a pending court case,

    Another of 552 days was due to clearing agents failing to provide documents in time for the transit cargo to be cleared from the ASYCUDA system.

    General reasons were given for other delays which included drivers getting sick along the way, accidents and break downs and late submissions of documents by shipping agents. she said.

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