President Emmerson Mnangagwa has defended the re-introduction of the Zimbabwe dollar, saying no country can grow economically without its own currency.
President Mnangagwa made the remarks while addressing the Second Zanu-PF National Youth League Assembly Meeting at the party’s headquarters in Harare on Thursday. He said:
No country can succeed, grow or modernise without its own currency. The issue of a basket of currencies we introduced towards the end of 2009 [sic], the culprits were me and (Patrick) Chinamasa and a few others.
The multi-currency system was introduced by then Finance Minister Patrick Chinamasa towards the end of 2008 when the local currency had virtually collapsed due to world-record hyperinflation.
The system was, however, abandoned in June this year when the Zimbabwe dollar was re-introduced.
No country can grow when corruption, nepotism is rife irrespective of what currency is in circulation. It is good to have our own currencybut who has any confidence in it? So build up the economy, make Zimbabwe attractive to foreign imvestors (as was promised) and when the economy is on a sound footing then introduce our currency. I have to disagree with the President; during the GNU the economy of Zimbabwe grew stronger.