Mangudya rules out using the South African Rand, Says its Fake News

Posted by Maveriq

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya has dismissed all reports that that the country will adopt the South African Rand due to the shortage of the United States Dollar. Mangudya dismissed the reports as fake news. There have been mutiple reports on social media sites which claimed that the government had agreed to adopt the South African Rand. Speaking to the Daily News, Mangudya said:

These are fake news, which have their own objectives. So the answer, in simple terms, is that the multi-currency system is remaining in Zimbabwe.

That’s government’s position and that’s not changing. If that was true, don’t you think I would have sent out a statement? Haa, this fake news ka, ichakunetsai (fake news will confuse you).

…what I am saying is that this was a question for 2009 when we dollarised the economy; that is when this issue should have been discussed. If we don’t have a facility from SA, a loan facility, how do we get the rand?

So it means you need someone to give you the loan facility. And my understanding, during the Government of National Unity — my understanding was that there will be a $1 billion facility from SA, that’s what I thought, that’s what I heard but we did not get that facility.

But if today there is a facility that comes it means the money will be in the market…And also if we are now using rands, it means we need to change US dollar accounts and if I am to change people’s money and give them a currency with a lower value; imagine you are an exporter, tomorrow I change your money and give you rands, do you think that is normal?

More: Daily News


Government of National UnityJohn MangudyaRBZ

The Government of National Unity was a coalition government between the three major political parties in Zimbabwe formed on 13 February 2009 after the signing of the Global Political Agreement. Read More About Government of National Unity

John Panonetsa Mangudya is an economist and the current Reserve Bank of Zimbabwe governor. Mangudya, who sits on many local and international boards .He was made RBZ governor after the expiry of Gideon Gono's term in 2014. He had been CBZ Holdings Ltd Chief Executive... Read More About John Mangudya

The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About RBZ


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