Mangudya says the introduction of the US dollar in 2009 was a mistake

Posted by Tayana

Speaking at a luncheon organised by the St Luke Anglican Church in Greendale, Reserve Bank of Zimbabwe governor, Dr John Mangudya said the introduction of the US dollar in 2009 was a mistake.

He said,

The major mistake was done in 2009 when the Government liberalised the economy, which led to the use of the US dollar as a trading currency instead of a reserve currency. This resulted in some investors coming to Zimbabwe only for the US dollar and these took the money out. Since 2009, we gave an impression that Zimbabwe manufactured US dollars. The move taken in 2009 was dangerous. It was both economic and political and maybe we spent more time on the political side.

He also shed light on the bond notes and said that the RBZ will embark on countrywide tours to make the public aware of the bond notes.

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