Mnangagwa’s Spokesperson Clarifies On Allowance
President Emmerson Mnangagwa’s spokesperson, George Charamba has clarified on the US$75 and US$30 Covid-19 allowances which were awarded to civil servants and pensioners yesterday. According to Charamba, the civil servants and the pensioners will not get to touch any physical USD notes as the money will not be in cash form. Instead, the money will be in the form of a ‘purchasing electronic card’. Charamba said that this was being done to ensure that the money remained in the formal system and does not leak onto the black market.
Speaking on his social media account on the Twitter platform, Charamba said,
FOREX ALLOWANCE FOR CIVIL SERVANTS JUST A SMALL CLARIFICATION LEST THERE IS A MISCONCEPTION:
The USD75 allowance if flat across all grades. The USD75 will not come in notes form; it will be a purchasing electronic card to ensure this enhanced buying power does not feed the WHITE MARKET and allows money to circulate within the formal monetary system!! So do not expect cash disbursements. Imagine what upward of USD25m monthly cash disbursement would do to the WHITE MARKET!!!
I should have added that the three months-COVID-19 related income adjustment takes us to the next major Financial Pronouncement by Govt, in which case there will not be a hiatus or discontinuity in income.
…does not feed the WHITE MARKET, and allows money to circulate within the formal monetary system!! So do not expect cash disbursements. Imagine what upward of USD25m monthly cash disbursement would do to the WHITE MARKET!!!
— Jamwanda (@Jamwanda2) June 18, 2020
This likely means that the money will just be converted from the nostro accounts into the local currency accounts using the official rate. The official rate currently stands at ZWL$ 25 for every USD compared to the streets where the rate is as high as ZWL$90 for every USD. However, the government announced that the fixed rate will be coming to an end on the 23rd of June as the government is now introducing a foreign currency auction system.
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The post ‘Civil Servants Will NOT Get US$75 In Cash’ – Mnangagwa’s Spokesperson Clarifies On Allowances appeared first on iHarare News.