Why "New-Born" Namibia Is Exporting More Than Zimbabwe? - SB Moyo

Foreign Affairs and International Trade Minister, Sibusiso Moyo has claimed that the multicurrency system constrained the country’s exports as can be shown by dwindling exports volumes in recent years.

Addressing an exporters’ breakfast meeting organised by Zimtrade in Harare on Thursday, Moyo said:

Last week we were in Namibia, we virtually lost almost the whole Namibian (export) market. The statistics which we got were that Namibia is exporting to Zimbabwe about (US$) 22 million worth of goods and Zimbabwe is only exporting (US$) 4 million worth of goods and services.

But this is a country which we taught systems, which we actually assisted at independence. But when you then juxtapose these two countries and then look at what Zimbabwe is, the story is different. The main objective of this second dispensation is to end this isolation so that you and me can have easy of doing transactions and we can also be able to have lines of credit.

Because of the multiple currency system, which was there, which had to deal with the hyperinflation of 2008 (and) 2009, finally it stabilised. When we stabilised inflation, we got comfortable and products became expensive to a point that we lost a lot of markets.

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Moyo speaks when the country has, through Statutory Instrument 142 of 2019, reintroduced the Zimbabwe dollar and declared it the sole legal tender in the land. The SI put an end to the multicurrency regime which was adopted a decade ago.

More: The Herald