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.