WATCH: “Kokakora Haichinje” – Mnangagwa Explains New Currency (Shona Translated)

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.

Said Mnangagwa:

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.

RTGS DollarsZimbabwe Bond Notes

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

Bond Notes are a currency of notes backed by a bond that the Zimbabwe government announced on 4 May 2016 by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya. The $2 denomination of the notes was finally introduced on 28 November 2016. More notes were... Read More About Zimbabwe Bond Notes

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