The Amalgamated Rural Teachers Union of Zimbabwe (ARTUZ) has expressed grave concerns over the Reserve Bank of Zimbabwe’s recent declaration of a new local currency.
The Union, which stands for the country’s educators, has openly criticized the Reserve Bank, the Ministry of Finance, Economic Development and Investment Promotion, and the Zimbabwean government for their lack of transparency and integrity.
“Any hiccup in the administration of money is a direct attack on the livelihoods of teachers and other workers,” stated ARTUZ.
The Union’s statement sheds light on the potential negative impact of this abrupt monetary change on the lives of teachers and workers who depend on monetary stability.
ARTUZ’s statement also recalls the economic hardships of the past, where similar currency changes led to the rapid devaluation of savings and investments. “The recent announcement of a Structured currency conjures memories of eroded monetary value and shattered investments,” the spokesperson added.
The Union is particularly critical of the government’s decision to prolong the multi-currency regime, primarily involving the US dollar, until 2030.
They are calling for clarity on how the new structured currency will coexist with the current dollarized transactions, which are deeply rooted in the Zimbabwean economy.
“The economy has dollarized. We demand that all salaries of government workers be pegged to the US dollar to the last cent,” the spokesperson demanded, reflecting the dollarization of the economy. ARTUZ argues that the introduction of a new currency should only occur when the value of earnings is secure and the exchange into other currencies is seamless.
Moreover, the Union is urging for a restoration of integrity within the banking sector, emphasizing the need to curtail black-market speculation and ensure that monetary transactions are conducted within the formal banking system.
