Statement on the Proposal of a Foreign Currency Utilisation Monitoring Mechanism

The Citizens’ Cabinet welcomes the proposal by the Cabinet of Zimbabwe for the establishment of a Foreign Currency Utilisation Monitoring Mechanism (FCUMM) to monitor companies that receive foreign currency from the Reserve Bank. This proposal is in line with the recommendation made in our statementlast week on the “Erosion of Wages, Pensions and Savings and theGeneral Impact of the Economic Crisis on Citizens’ Lives”. On this point in particular, we called for:

“Transparency in RBZ forex allocation and Full Accounting on Forex Receipts. The RBZ must be compelled to publish, on a weekly basis, the full list of its forex allocation to enable auditing by citizens’ bodies and the auditor general. Additionally, those receiving forex allocations from the RBZ must provide full accounting and proof that forex is spent for intended purposes. This is essential to curtail corrupt allocation of forex as well as prevent the situation where forex recipients are simply taking hard currency to the parallel market instead of purchasing intended imports.”

The announcement of the FCUMM proposal constitutes one concrete step towards alleviating the agony of the citizens of Zimbabwe in this unsympathetic economic environment. In addition, the Citizens’ Cabinet encourages the increased level of oversight this mechanism will provide the Auditor General in taking measures to safeguard public funds.

The Citizens’ Cabinet therefore urges the government to expedite the establishment of this mechanism as a sign of commitment to restorative measures which can begin rebuilding trust and restoring government policy credibility with its citizenry.

 November 2018
As the Citizens’ Cabinet, we shall continue to draw on the expertise of Zimbabweans at home and the diaspora and sustain consultations on the most pressing challenges confronting citizens and we will be boldly  advancing people centred solutions without fear or favour.