RBZ rules out adoption of rand as Zimbabwe’s main currency

Reserve Bank of Zimbabwe deputy governor Dr Khupukile Mlambo said the country will not adopt the South African rand as its currency although the United States dollar has not been the ideal option. He said joining the common monetary area using the rand would not be an option because Zimbabwe does not have its own currency.

Addressing attendants at a National Economic Consultative Forum workshop held in the capital yesterday Dr Mlambo said,

We need to understand the South African rand has its own challenges, it is volatile. Personally, I would have been happier if we adopted any other currency than the USD. It has created headaches of liquidity and it would have been better to use another currency

Dr Mlambo, however, reinforced the monetary authorities’ view that a currency cannot be imposed on citizens and that monetary decisions were also based on past experiences,

We have lessons learnt from 2008. You cannot force a currency on people. In 2008, we realised people were already transacting in foreign currency, Zimbabweans made that choice.

More: Herald

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