Zimbabweans React To ED's "New Currency Is Coming" Remarks
Zimbabweans have taken to social media to express their views on President Emmerson Emmerson Mnangagwa’s recent remarks which indicated Zimbabwe’s plans to introduce its own currency before year end. 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. Below are comments which were prompted by this announcement:
https://twitter.com/ChrisVukani/status/1137187433173397505
https://twitter.com/ProfJNMoyo/status/1137211889979711488
It’s been 81 days since Emmerson enacted SI33/2019 that introduced the RTGS$.The suggestion of yet another new unbaked currency is reflective of incompetence &policy #paralysis by this #ossified authoritarian regime.Clearly the worst gvt ever in history https://t.co/ZYYyoPS4SY
— TENDAI BITI (@BitiTendai) June 7, 2019
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Marema anongoomberera nekupururudzira tsvina dzirikutaurwa.There is no production in the country&u want to introduce new currency.Kutenga manapukeni mukadzi asati aita pamuviri,ko akasazvara wodii?
— Leo (@Leo03479272) June 8, 2019
bigsaturdayread | Currency issues: is the state really leaving it to the market? Why has the parallel market persisted? Who really benefits from currency subsidies? What does it take for a new currency prosper where the ZimDollar, bond note & RTGS failed? https://t.co/F71qRk7vP0
— Alex T Magaisa 🇿🇼 (@Wamagaisa) June 8, 2019
Why should a Zim currency be stronger than RAnd. SA has a stronger economy so our currency should be even weaker but rand to US$ is 14-15 so ours must be even 40 to 50 if it is going to freely float. Businesses that cannot afford importing will just have to close
— miri (@TCMadzi1) June 8, 2019
Wongorora chikonzero chaita musoro uteme. Our situation is like changing a driver after a bus has broken down. The settings are not right for any form of currency introduction.
— Stuart Ziwewe (@Stuartziwewe) June 8, 2019
Big countries are dumping d US$ while pple from one "shit" country from Southern Africa want dat same US$ adopted as their "shit" country's currency of preference
— Bekithemba Chinyati (@Chinyatibeki) June 8, 2019
Gvt shld stop toying wth our lives a new currency for what without an industry tht is functioning .attract investors by nt using USD its not lucrative for investors thy don't gain much adopt the rand until we stabilize .think abwt yo pple for once.stop byn selfish
— ngqabutho (@ngqa123) June 8, 2019
As long Zanu PF iri panyanga this new currency iri kurohwa neinflation…
— TapiwaFromKweKwe🇿🇼🇿🇦 (@TrueTapiwa) June 8, 2019
We all agree. But it has to be done right, no? Equation has to balance! Otherwise hello 2008😃👋
— Terry DarkKnight (@DarkKnightTerry) June 7, 2019
Yes indeed. It has to be done in the right way and for the right reasons. So perhaps the winning formula is to not simply ridicule the idea of of a local currency but to debate on the ways in which it should be done as we prepare for it.
— Simba Siege Musonza (@SimbaSiege) June 7, 2019
It's being ridiculed because as things stand it is simply nonsense to even start talking of new currency by year end. These guys know what needs to be done but varikuda kuita mashortcut…..
— Terry DarkKnight (@DarkKnightTerry) June 7, 2019
True. I would say #1 thing should be complete transformation of RBZ and giving it due independence from govt. Do this + add some independent oversight and with that you can have a good local currency. Already export producers are having their US$ earnings used to pay off Afrexim
— Simba Siege Musonza (@SimbaSiege) June 7, 2019
A local currency backed by productive industry might just spare us the costly "facilities" we are ever drawing from Afrexim bank and others just to get USD notes
— Simba Siege Musonza (@SimbaSiege) June 7, 2019
As long as we use the USD, it is the exports producers who suffer the most. The very same people we need desperately to make our economy self sustainable again.
— Simba Siege Musonza (@SimbaSiege) June 7, 2019
USD can b used to create a solid base 4 the intro o a nu currency by retooling and recapitalising industry through replacemnt of obsolete machinery and intro of cost cutting production processes hence reducing production costs
— Taurai Mushure (@MushureTaurai) June 7, 2019
Yes. You can use USD for retooling and expansion, but not to pay for local operations, expenses and trade in. If you pay for operational expenses using a stronger USD, your product will have to sell for more than a similar product produced in SA using a weaker currency.
— Simba Siege Musonza (@SimbaSiege) June 7, 2019
Why do you think BMW chose to set-up the X3 mainline assembly in SA and Mexico and not Germany, or USA or the UK?
— Simba Siege Musonza (@SimbaSiege) June 7, 2019
They still export out of S.Carolina and out of Germany as well. A local currency without any reserves backing it and a trade deficit will be pummeled. What has changed between the last time the ZWD was around. It will most likely be inflationary too
— Terence Motsi (@Motsi_T) June 7, 2019
Mr Musonza, let assume you have US $40000 in your account from local trade, if Zimbabwe was to introduce a new local currency today and government says you will get your money in local currency, would be happy about it?
— Leonard Chirenje (@blalenzo) June 8, 2019
