Zimbabwe’s finance minister Mthuli Ncube has said the country is not considering adopting the the SA rand as its main currency of trade – alongside its local unit, the RTGS dollar – or joining the rand monetary union.
Speaking to TimesLIVE on the sidelines of the third session of the bi-national commission between South Africa and Zimbabwe on Tuesday, Ncube said Zimbabwe has “completed its currency changes” and the adoption of the rand was unnecessary. Said Ncube:
We have completed the currency changes and we want to continue now on the path of fiscal reforms. We need to be competitive and a local currency is necessary. The rand, just like the US dollar, is foreign currency.
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
Zimbabwe RTGS Dollars are a Zimbabwean currency introduced on 20 February 2019 by the Reserve Bank of Zimbabwe. At introduction, the currency consisted of existing RTGS balances in bank accounts, Bond Notes cash and Bond Coins. The introduction of the RTGS Dollars was announced by... Read More About RTGS Dollars