President Emmerson Mnangagwa Tuesday morning said his government has said that the reintroduction of the Zimbabwean dollar brings back normalcy to the country.
His remarks come as the central bank, the Reserve Bank of Zimbabwe announced Statutory Instrument 142 of 2019 which reintroduces the Zimbabwean dollar at the same time banning the use ofall foreign currencies for domestic transactions.
Speaking to reporters in Victoria Falls on Tuesday (today), Mnangagwa said that Zimbabwe has moved towards normalising. He said:
Zimbabwe has gone back to normalcy and the normalcy is that a country must have its own currency. We were living in an abnormal situation and you must congratulate us for becoming normal again.
He further indicated that the bond note was part of the Zimbabwean dollar hence it was not going anywhere. He added:
Our current currency is dominated either by the coins, the bond notes or the RTGs. All that is still domestic and still allowed to do a national transaction.
The re-introduction of the Zim dollar has been met with widespread scepticism as some fear for further economic collapse due to lack of confidence in the local currency.
Zimbabweans are still being haunted by memories of the 2008 hyperinflation. The hyperinflation resulted in the state dumping the original Zimbabwean dollar. Since then, the government has been trying, unsuccessfully, to reintroduce a new currency.
Emmerson Dambudzo Mnangagwa is a politician and the First Secretary of the Zimbabwe African National Union-Patriotic Front. On the 3rd of August 2018 ZEC Chairperson Priscilla Chigumba announced that Mnangagwa had won the popular vote by 50.8% ,hence he was duly elected to be the... Read More About Emmerson Mnangagwa
Read More About Bond Notes
The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About Reserve Bank of Zimbabwe
Victoria Falls is a name of the resort town located in the Matabeleland North Province of Zimbabwe and named after a big waterfall. The town is located on the eastern border which separates Zimbabwe from Zambia. Before the colonization of Zimbabwe by the British, present-day... Read More About Victoria Falls