The Minister of Industry and Commerce Nqobizitha Mangaliso Ndlovhu has rejected Strive Masiyiwa’s rand proposal. Strive Masiyiwa had suggested that the country should adopt the South African rand so as to end inflation in the country.
Masiyiwa mentioned that if prices of goods and services were tagged in the SA rand it would eliminate the dollar arbitrage.
In an interview in Plumtree, the Minister said that
“The multi-currency system is more advantageous in this regard than using one currency. We are flexible in trading in different currencies of the countries we trade in using their currencies. The issue of pricing needs a holistic approach,” he said.
“There is a tendency to profiteer. That’s why President Emmerson Mnangagwa made the clarion call that, although inflation is going up, we have to tackle it together with business and hope to address it in the near future.”
Strive Masiyiwa is Zimbabwe’s first billionaire and he is the founder and major shareholder of Econet Wireless which is one of the biggest companies in Zimbabwe.