Masvingo Business Community Implore RBZ To Expedite Reintroduction Of Local Currency - Report

Speaking at a ZNCC stakeholder meeting last week, a Masvingo based businessman Benjamin Taguma Mazarire of Hilthru Enterprises, said the government made a blunder in adopting the multi-currency system. Mr Mazarire praised the RBZ for abolishing the multi-currency system and implored RBZ to expedite reintroducing a local currency Sunday News reports.

I think we made a blunder when we accepted the use of the multi-currency system, especially the US dollar. We could not have embraced the use of this money because of its strength against other currencies. Our economy will not prosper if we keep on using a borrowed currency, as we do not have control over it. However, we need strong policies for the currency (local)to retain its value

The RBZ was said to be planning to introduce a local currency next month a rumour they didn’t flat out dismiss. This came after they abolished the multi-currency system that was adopted in 2009 after a tumulous economic meltdown.