Currency Reforms May Take Up To Five Years: Mangudya Tells Bloomberg

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has said that it may take as many as five years before the government is able to institute currency reforms and reintroduce the Zimbabwe dollar. According to Mangudya, the time is necessary in order for the country to address poor economic fundamentals. Mangudya said that before the country could reintroduce its own currency it needed to address fiscal imbalances, regains access to loans from international institutions and boost investor confidence in order to attract foreign direct investment (FDI). In an interview with Bloomberg Television in New York on Friday, Mangudaya said,

When those things are done, then you can have your local dollar. Within the next three to five years we will be able to achieve what we want to achieve on the currency reforms…Currency reform is a process. The economic fundamentals are not good and ready for us to have our own currency.  There is a danger of re-introducing a currency before the fundamentals are met.

Minister of Finance and Economic Development Mthuli Ncube has said that he favours the return of the Zimbabwe dollar. You can watch the interview on the link below,

Video: John Mangudya Interview With Bloomberg Says He Sees A Positive Investment Environment

 

More: Bloomberg

 

Mthuli NcubeJohn MangudyaReserve Bank of Zimbabwe

Professor Mthuli Ncube is the Minister of Finance and Economic Development.He was the Chief Economist and Vice President of the African Development Bank ,financial, economics, investment, and public policy expert, entrepreneur and academic. Professor Ncube divides his time between the private sector in Switzerland and... Read More About Mthuli Ncube

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 Reserve Bank of Zimbabwe

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One Comment on “Currency Reforms May Take Up To Five Years: Mangudya Tells Bloomberg

  1. This guy should be fired. We can’t expect radical reforms and high growth strategies from a mere bureaucrat. His message is contrary to Zimbabwe Open for business, what a dull Outlook from a Central Bank Governor. We need leaders and go getters like Mthuli who believe in a radical shift and transformation. As an investor i’m forced to wait and come invest in the next 5 years and as a local or a student coming form Uni why stick around when transformation is in the next 5 years.

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