Govt speaks on why it will not adopt South Africa’s rand or introduce Zim dollar

While responding to concerns by Dangamvura MP Esau Mupfumi’s suggestion that Government should adopt the South African rand as the main currency, Finance Minister Patrick Chinamasa said that they will not adopt the rand because they have no control over its exchange rate.

Said Chinamasa:

On the currency issue, we are not going to adopt the rand because we are not involved in the decision making of its value, whether it depreciates or appreciates. If it appreciates, we become the most expensive country. The route we are taking is that we are working on addressing macro-economic fundamentals such as raising exports, increasing reserves like three months cover and so on. We will not introduce our own currency until we address these fundamentals.

More: Herald

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