Formner Minister of Finance Tendai Biti has said that it is too late for Zimbabwe to adopt the South African Rand as the primary currency. This follows statements by the Reserve Bank of Zimbabwe that Zimbabweans should limit the use of the greenback and use the Rand instead.
Biti said the country should focus on maintaining the multicurrency system and build reserves of at least $9 billion dollars. He also added that there was no Foreign Direct Investment, coming into Zimbabwe due to the government’s poor policies. He also warned that Zanu PF would “bastardise” the Rand.
Speaking on Twitter, Biti said:
Too late to adopt rand. Economy now in so much disequilibrium without reforms Zanu will bastardise the rand as they have the Zim$ &the US$.”
. . . foreign direct investment (FDI) is not flowing into Zimbabwe because of toxic and predatory Zanu PF politics . . . remove Zanu PF and billions will pour into this economy”.
Let’s rebuild productive base and build reserves of at least $9 billion. We maintain regime of multi-currencies for now,
More: Daily News