A Mail and Telegraph report claims that Zimbabwe will have a new currency within the next month. The publication’s sources close to the developments revealed that the currency was printed in March 2018 and is being kept safely at the vaults by the Central Bank.
The currency could not be introduced last year due to a number of political factors and confidence boost but the currency is likely to be launched within the next month. The new currency will be backed by gold and that government has been purchasing the gold through Fidelity Printers and Refiners (FPR).
While addressing the Global Shapers Community meeting held at the Celebration Center two weeks ago, Finance Minister Mthuli Ncube said:
We should be close to currency reforms. It will happen by stealth because we can’t. Currency reforms started in October 2018 but we didn’t have fiscal discipline in place. We won’t capitulate to the USD but have currency reforms. We are less than 12 months away from currency reforms.
In an interview with Bloomberg in Davos, Switzerland on Monday, Ncube said that a lot needs to be done before the country adopts a new currency. Said Ncube:
A lot needs to be done before the introduction of the Zimbabwean currency, which first of all is fiscal discipline, making sure we bring the budget deficit into single digits and that runaway Government expenditure is curtailed.
Related:
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Mthuli Ncube Reveals What Needs To Be Done Before Introduction Of Zimbabwean Currency
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Zimbabwe To Introduce Own Currency This Year, Rand Or US Dollar Not Solution – Mthuli Ncube
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Please just pay the bad debts so they can go on with their lives, or what you had left them with, which is nothing, and turned the honest people to beggers, because of selfish reasons.
People are keeping huge sums of bonds in they homes so what will happen to that money which is being kept in their homes since the government want to introduce the new currency of Zimbabwe at the end of the month.
ndidzo nhubu idzodzi – why keep money under your mattress depriving others ? money is meant to circulate not to be chained under the Bed ! its actually a problem to try and deal with grade 7’s in a form 6 ‘s game ! paper money is valueless vedu wee . it only represents Value that the holder gives to it. most Zimbo’s fail to understand the root causes of inflation and Values, these pressures are coming from within ourselves – we de-value our own currency pasina kana external forces, nxaa , only to cry out loud – Mthuli gadzirisa zvinhu – yet all these problems are being generated by US.
similary the Ignorant masses droped the value of the Bond to the US $ recently , yet we import Fuel using US $ – when the adjustment was now factored in the same Public started running riots . thats why muchirowha nemboma – seems its a language that you understand, rowhai .
God help Zimbabwe. What a bunch of idiots running the country. Have no clue at all. What was the fruit basket of the world has been totally thrown away by black majority rule
Articles like this unless verified will create panic buying and shortages!!! We are tired of stock piling .
Further will the USD stolen out of our accounts be replaced??? That HAS TO BE ADRESSED!!!
All this is pie in the sky.
Hat about the so called rogue soldiers and the murders ??
This is crazy they tried all this it never worked. You can only have you own currency when you have something to back it. They have nothing, just like the bond was not a success the Zim dollar will be just the same. We are now going into hyperinflation. No way out of this black hole.
People returning from the diaspora after saving money in foreign denominated currency accounts with Zimbabwean banks are desperate and shocked to find that the forex disappeared. Account holders can only withdraw merger amounts in 50 cents, one or two dollar denominated bonds up to a maximum of 50, 80, 100, or so amounts over a time. The account holders are told that the bond and the US dollar are equivalent,
Thank God..
I’m not educated though, but I think I can make suggestions than the so called vazvinafundo. The only better solution we have is to completely eradicate the bond note which is fueling the inflation, then we have to rate against . Let’s resort to the use of US $ and rands. Rates between the two currencies can be controlled . We are tired of being short changed by these …….
Frankly speaking i do not think this is a good idea ! we have a huge problem with the Citizens of this country. the first inflationary tendencies will definitely come from within, Zimbos in zim are so disgruntled so much such that they fail to see the real underlying problems.
Africans as long as you have Minerals that the outside world needs then the world will continue to offer you paper money in exchange for real money ( minerals ). Europe discovered this phenomenon centuries ago thats why they stopped the Gold & silver Coins that were used by our Ancestors in favour of paper money.
for an African – if we needed money we simply dug Gold & silver from our Ground , Europeans and the world over saw that they could never compete with us. if they needed money they had to trade with us first. now some genius of theirs decided to shift the tables , paper money was introduced. at first they thought we would resist such a plot, and we did – but when Americans introduced the US $ and tied its value with PETROL/diesel , we were sunk.
to get Fuel we have to trade with them first – give them our minerals in exchange for dollars.
this is just like the funny story of Baboons in a mango tree – if you want Mangoes you throw stones to the Baboons and in response the Baboons will throw mangoes at you just like that.
think people , the next time we willingly de-value our own currency in favor of American dollar we will simply be acting like Baboons in a Mango tree.
Ndepapi pamakamboisa currency yenyu zvikafaya, u keep making the same stupid mistake muchiuraya nyika hunzai rand and us timbozorora inflation.
How sustainable bis thisbnew currency that the government is allegedly going to roll out , because a 2008 situation is not an option.
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