Zimbabwe To Have Its Own Stable Currency Backed By Gold: Mangwana

Zanu-PF’s Representative in the United Kingdom and Europe, and avowed supporter of President Emmerson Mnangagwa, Nick Mangwana has confirmed that Zanu-PF is working on introducing a local currency backed by gold. This follows similar pronouncements made by President Emmerson Mnangagwa and Deputy Minister of Finance and Economic Planning Terrence Mukupe in recent weeks. Writing on Twitter, Mangwana said

Devolution & the roadmap for the return of the Zim$ were 2 of the major policy pronunciations made by Zanu PF last week. This is being done in a meticulous and responsible way. With controlled expenditure & backed by gold we can have a stable currency.

At the Bulawayo rally where an explosion occured later, President Emmerson Mnangagwa also said that Zimbabwe needed to introduce its own currency which it could control in order to solve the cash shortages and to restore its dignity. Said Mnangagwa

The US dollar today takes about 90 percent of our transactional activity in the economy…We have no control over the US dollar, it is time that we must adopt our way of restoring the dignity of our country by creating our own currency.

Mukupe has previously said that the Zimbabwe dollar will be reintroduced before President Emmerson Mnangagwa completes his first five-year term. Said Mukupe before,

Zimbabwe will have its own currency after putting the necessary fundamentals to deal with our own currency first, which will be there before the end of President Mnangagwa first five-year term as we would have managed to create the right and sustainable import cover.


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14 comments on “Zimbabwe To Have Its Own Stable Currency Backed By Gold: Mangwana

  1. We will be pleased to see our own currency back. Particularly old Zim dollar. I hope it’s NOT easy say than done type thing. Because we have been hearing about that said, for just over six months now.

  2. Ive heard many people have purchased zims in America how will they cash out and when do you expect this to take place.

  3. The problem of not having our own currency is long over due thats a green light in the right dirrection

  4. great, this will bring back our dignity and stability in the country. we must have our own currency for sure than depending on other people’s currency. that’s a noble idear by our president CDE ED Munangagwa.

  5. introducing our own currency its a good idea bt the timimg is not conducive ,Zimbabwe is not exporting bt we importing so where are we goin to get the foreign currency for our economy ,this will further hv a negative result in our activities in the economy .increasing prices of goods ,and increasing inflation ,lets put our house in order first ,then we can talk about re-introducing the Zim dollar

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