CZI to push for the adoption of the South African rand over the US dollar as the main currency

The Confederation Zimbabwe Industries (CZI) will push the government to adopt the South African rand as the main transacting currency over the US dollar.  The CZI will present draft legislation to the government with this proposal.  It is also pushing for the internal devaluation of the local currency to make the cost of local products more competitive.

CZI president Busisa Moyo said:

The other issue is to draft some sort of a mock Statutory Instrument for ‘Randisation’. We have been talking about randisation, individual members of CZI have come out strong on randisation and I think we need to have some sort of action towards this. I do know that companies are already starting to do this and opening rand accounts.

We also need to move the RTGS system so that it allows for transferring in rand without having to convert to US dollars. So our banking and economics and CZI chief economist to work on some sort of mock/draft Statutory Instrument on randisation, what it means and we start pushing that forward.

I think it was mentioned that it will allow to benchmark and ultimately correct in terms of devaluation, competitiveness and cost correction.

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