New Minister of Finance and Economic Development Professor Mthuli Ncube has said that he will prioritise currency reforms as the current currency approach is not working. Speaking to the Sunday Mail, Ncube said
I am very clear that there have to be currency reforms and the (current) currency approach is not working. In doing so, there are three choices that I will explore and pursue with urgency: One, adopt the US dollar only and remove the bond notes from circulation through a demonetisation process and also liberalise exchange controls.
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Two, adopt the rand by negotiating to join the Rand Monetary Area, and this will close the gap in loss of competitiveness against our largest trading partner, South Africa. Three, adopt a new Zim dollar, and here one needs to be clear that it has to be backed by adequate foreign reserves and macroeconomic conditions for its stability. Foreign currency accounts will also be introduced. For sure, currency reforms will be implemented.
I would like to implement this by year-end.
More: Sunday Mail