In a speech in Southlea Park, President Mnangagwa explained how Zimbabwe’s new currency will work. He said that the multi-currency regime had contributed to the uncontrolled increase in prices of basic commodities and that once Zimbabwe its own currency, prices would stabilise.
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Those in the diaspora will send their money and so on. Investments will also come in the form of foreign currency. However, as a country, we are supposed to have our own currency. So we have started that journey. We have started it because right now you’re told the USD is 1:5 against the Bond note, and you wake up the next day the rate is 1:6, and the next day 7 then 8 and so on.
When they do that, they then say the price of bread and other things has done up, because of that exchange rate. But if you buy a bottle of Coca-cola, and you go to sleep, the next it will remain a bottle of Coca-cola. It doesn’t change. The same thing happens with a pair of tennis shoes. It doesn’t change value between days. It’s the same with a chair. The next day, it’s just the same chair. But they say the price has changed.
It happens because we don’t have our own money. We will get to a point where the America dollar or the Pound will be a currency you only keep but cannot transact with. When you want to buy, you will have to go to a bank to change and exchange it for our own money, which we will make. You will be told about this new currency.