UPDATED: Zim To Have New Currency By December 2019 – Mnangagwa

President Emmerson Emmerson Mnangagwa said that Zimbabwe will have its own currency by the end of this year.

Speaking in Southlea Park on Friday morning where he was leading a national Clean Up campaign, Mnangagwa said the country cannot develop economically whilst using other countries’ currencies.

He added that the multi-currency regime is problematic in that it causes the value of the local RTGS Dollar to collapse as people chase the greenback. He said:

Between 2008 and 2009 our country’s currency lost value and some people became billionaires or trillionaires due to high inflation.

At the time Government decided to adopt the multi-currency regime where we started using, the US dollar, Rand, the British Pound or Pula for transacting.

It was a policy measure to address the challenges that were being faced then. We, however, cannot continue going forward without our own currency.

South Africa has its own currency and when you go there with the US dollar or Euro you would have to convert it to the Rand before you can transact.

The same applies to Zambia, Botswana, Mozambique and the UK. A country cannot develop using other nations’ currency.

A currency is only printed by its owners and the only way to get it is through exports, Diaspora remittances or foreign investments but as a country, we should have our own currency and we have embarked on that journey (to have a local currency).

Mnangagwa revealed that the introduction of the new currency will mean that foreign currency will no longer be used in local transactions.

More: The Herald


Quick NetOne, Telecel, Africom, And Econet Airtime Recharge

If anything goes wrong, click here to enter your query.

Comments

Back to top

5 comments on “UPDATED: Zim To Have New Currency By December 2019 – Mnangagwa

  1. That is the only way to go Mr. President.There is no way the country can use foreign currency for consumption. World over foreign currency can only be used for importing good or products of a capital nature. There is need to stop forth with the payment of salaries in foreign currency to companies such as Mimosa mine,Zimplats,Unk and other sectors.These employees who earn foreign currency are fueling inflation and pararell market rates as they will be selling it (US$) at a premium .There is need to use that foreign currency to augment production in other sectors of the economy that add value to the economy ,such as timber dairy farming etc. In South Africa if one is found with foreign currency(US$) its a chargeable offence that can land someone in prison. Lets embrace the idea and have our own currency backed by gold reserves so that prices of commodities will stabilize. I know that business man are more comfortable with the current unstable environment as the continue to reap the vulnerable consumers. The Government must take a leading role by protecting the general public from being siphoned by unscrupulous business people.

  2. What did it need for you and those so called experts to realise that.
    Put a stop to paying salaries and local transactions in USD and half our problems are solved.
    The other half is about political and economic governance.
    Put the right people in the right positions and scrap all those high sounding useless committees.
    The presidential advisory committee is a case in point.

  3. The solution is simple ..to put the right people in the right place is for Zanu pf to go full stop. As long as its still Zanu running this country all the brilliant ideas you are putting through will just be dreams.

Write a Comment

Your email address will not be published.