Staff Reporter
Zimbabwe’s money reserves have increased to ZWL$ 33.6 billion as at 30th June 2022.
Presenting the Mid-Term and supplementary budget and the economic review on Thursday, Finance and Economic Development Minister Mtuli Ncube said despite inflation steadily accelerating from 60% in January to 191.6% in June Zimbabwe’s Reserve money stock has increased to ZWL$33.6 billion dollars as of 30th June 2022.
“Reserve money stock has increased to ZWL$33.6 billion as at 30 June 2022, largely due to growth in statutory reserves in line with the thrust of tightening monetary policy. As at end of June 2022, more than 80% of the stock of reserve money was in the form of statutory reserves, while currency issued by the Bank and banks’ liquidity at the RBZ (RTGS balances) constituted the balance,” the Minister said.
In order to improve civil servants’ welfare Minister Ncube said Government is stepping up provisions of non-monetary incentives to improve their welfare. He also proposed a review of tax-free bonus threshold from ZWL$100 000 to ZWL$500 000 with effect from 1 November 2022.
“I also propose to review the local currency tax-free bonus threshold from ZWL$100,000 to ZWL$500,000, with effect from 1 November 2022,” he said.
These measures to cushion civil servants by Government come as a relief to Government employees who have been facing hardships due to the rapid inflationary environment in Zimbabwe.
Other incentives which were awarded to civil servants include payment of ZWL$20 000 school fees for biological children to teachers. Rebate on motor vehicles for Civil servants who have served more than ten years in Government.
Recently Government introduced Mosi-oa-Tunya gold coins as a reserve alternative to try and curb speculative inflation in the country, and build confidence by storing value.
