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"Introducing A New Currency Will Not Work", CHAMISA

4 years agoWed, 12 Jun 2019 11:30:03 GMT
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"Introducing A New Currency Will Not Work", CHAMISA

Opposition MDC leader, Nelson Chamisa has said that the plans by president Emmerson Mnangagwa’s government to abolish the multi-currency system in favour of a new local currency could spectacularly fail. He said that it is necessary to first fix the political crisis which he said has an influence on the economy. 

Chamisa’s remarks are in response to Mnangagwa’s recent announcement that the government will ditch the multi-currency regime and introduce a new local currency before year-end. Chamisa said that any currency introduced by the current regime will not work. He said:

The problem that Zimbabwe faces is not currency, it’s politics. Until we fix our politics, deal with the legitimacy issues and address the fundamentals of the economy, introducing a new currency will not work, it’s about the fundamentals.

Even if they were to allow trade directly in gold as currency, with the current government which is illegitimate and does not inspire national and international confidence, the gold will still lose value.

Chamisa attributed the current economic meltdown to poor policies, alleged corruption and looting by top government officials and not sanctions as claimed by the government.

More: NewsDay

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