Finance Minister, Mthuli Ncube has said that the stabilisation of the Zimbabwe dollar is likely to take two years since that is the time needed to boost confidence in a new currency.
He speaks when the Zimbabwe dollar is rapidly shedding value against other great currencies, particularly the United States dollar.
Ncube told reporters on Wednesday that it is important for the local currency to be gaining value during the time itis expected to be stabilising. He said:
I think (it will take) a minimum of two years (to stabilise) because we have to make sure that the domestic currency can retain value. It is about to make sure that the domestic currency is very stable and retain value and build confidence on it and then the pricing moves away from US dollar pricing.
Zimbabwe outlawed the use of all foreign currencies for domestic transactions on the 24th of June this year at the same time reintroducing the Zimbabwe dollar, putting an end to the multicurrency regime the country adopted a decade ago.
The original Zimbabwe dollar was ditched after a 231 million percent record high hyperinflation of 2008 and the soaring inflation in the country risks revoking those horror memories.
More: Zimbabwe Independent
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