MDC-T says Zimbabwe is not yet ready to adopt South African rand

Posted by Tayana

In an interview with the Daily News yesterday, MDC-T’s shadow finance minister Mr Tapiwa Mashakada said it was an advantage adopt the South African rand since 50 to 60% of Zimbabwe’s trade is with South Africa. He however said that the country is not yet ready to adopt the rand because of the conditions that come with it.

Said Mashakada:

Joining the South African Rand Union would ameliorate Zimbabwe’s cash crisis but who would want to be exposed to the Zimbabwean contagion? Zimbabwe’s largest trading partner is South Africa and it would make a good business case to adopt the Rand but the mechanisms are not that easy. For example one of the preconditions is that Zimbabwe must have its own domestic currency. And at this juncture, conditions are not yet ripe for the re-introduction of our own currency.

More: Daily News

MDC-T

The Movement for Democratic Change - Tsvangirayi (MDC-T) formerly just the Movement for Democratic Change (MDC) is the main opposition party in Zimbabwe formed in an era of economic melt down and political unrest in 1999. The party was part of the Zimbabwe's Government of... Read More About MDC-T

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