Confederation of Zimbabwe Industries urges Govt to adopt rand as main currency

Confederation of Zimbabwe Industries (CZI) , which represents most large industries in the country, said the government should adopt the South African rand as its “reference currency” instead of the US dollar.

The organisation said that the country’s unique “multi-currency system” should be maintained, but that financial reporting should be done in rand, according to a statement handed to reporters ahead of national budget negotiations this week.

The CZI also said it’s “satisfied” that the finance ministry and central bank have put in place sufficient safeguards to ensure that the bond notes won’t be misused.