Reserve bank of Zimbabwe announced a raft of policies like the restriction of telegraphic transfers
and these policies had the net effect of deepening the suffering of the ordinary people who are out
of formal employment. Another key intervention by Government announced in June was Statutory
Instrument 64 of 2016. The instrument removes a number of finished goods from the Open General
Import Licence (OGIL), requiring bulk importers to seek clearance to bring in such commodities. This
policy was met with resistance since it impeded on the livelihoods of cross border traders and small
scale retailers within the country. A phenomenon that became key in June was the commoditization
of the US dollar which further worsened the chronic liquidity situation through externalization. As
correctly noted in the Press Release by The Zimbabwe Heads of Christian Denominations (ZHOCD) on
10 June, the commoditization of the US dollar led to low productivity, uncompetitive exports, and
rampant cheaper imports leading to deindustrialization and massive job losses. The queues that
were common in 2008 have been seen at most banks initially as some people tried to remove their
money from the banks having heard of the introduction of bond notes and subsequently informed
by the shortage of cash.
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