By Own Correspondent

WORKERS across Zimbabwe were recently left galloping in huge losses following the Reserve Bank of Zimbabwe (RBZ) decision to devalue the ZWG currency recently. 

The central bank moved to peg the official rate at ZWG24,39 against the US$.

This followed pressure from the markets and demands for the central bank to adopt a realistic exchange rate.

The new announcement was made via the RBZ directive sent to several banks and financial institutions, effectively marking 40% devaluation. The move is expected to ease market pressures which had seen several retailers avoiding to conduct transactions in the local unit.

The monetary authorities believe the move will go a long way to reduce exchange rate pressures. The ZWG has traded at around ZWG13,80 since its inception.

However, the country’s workers have endured a tough time considering the move to devalue came way after they had received their salaries for the month of September 2024.

“This has been the toughest phase of my life. What this means is simply that my salary has been cut down by 50% with no measure to cushion us as workers,” said one employee who preferred anonymity.

Several teachers’ unions have since petitioned the government to act expeditiously on the adjustments. Fact finding by The Worker across the country’s employment sectors shows that similar demands are becoming widespread.

Speaking outside parliament after President Emmerson Mnangagwa gave his State of the Nation Address (SONA), Mthuli told reporters that they were moving to increase civil servants’ salaries.

“Yes, we have to, I think we have to. We are looking into it and we are already negotiating through the Tripartite Negotiating Forum to adjust the wages of civil servants. Hopefully we will reach an agreement soon and then we can move forward and assist the civil servants,” he said.