Mthuli Identifies Reason Why Zimbabweans Continue To Use US Dollars & It’s Not What You Think

Finance and Economic Development Minister Mthuli Ncube said the reason why Zimbabweans continue to use United States dollars locally is that there is a shortage of Zimbabwe dollars.

To deal with the problem, Ncube said $10 and $20 notes will be introduced in due course. Said Ncube:

We … know that one of the reasons why the US dollar continues to be used is that we do not have enough Zimbabwe dollars in circulation. There is a cash deficit of domestic currency.

That is why we have said we want to introduce more cash in a very prudent way. We have up to $5 notes now.

We will move to $10, $20 and sometime in the future if we need a higher denomination, we will make an analysis and determine. There is no urgency in that.

Ncube made the remarks during an interview with Zimpapers Television Network (ZTN) last week.

In the same interview, Ncube warned that businesses that continue to demand payment in foreign currency will be dealt with severely.

More: The Herald

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8 comments on “Mthuli Identifies Reason Why Zimbabweans Continue To Use US Dollars & It’s Not What You Think

  1. And this guy is in charge of our economy! Let’s not forget that the Bond Note was introduced in 2016 because of a “shortage” of US currency!
    The real reason Zimbos don’t like bond notes is that they are worthless pieces of paper, best diverted to toilet duty!

  2. Mthuli should wake up and smell the coffee the reason is not the shortage of cash but no confidence in local currency.remember in the past we reached trillion of dollars in trying to match currency demand.introducing worthless higher denominations is another journey to trillion dollar notes that never saved the economy,the first thing for Mthuli and RBZ governor Mangudya is to resign he can not tell us that the us$ currency in Zimbabwe is more than local zim $

  3. these guys are misguided and its long time,they always prove their individualy lack of seeing the day light on behalf of smart and highly competent citizens.these cheps need to stop playing games!

  4. mtuli has paper qualifications and not the fundo . He is totally blank. How can a normal person prefer a bond that has no static value: ever falling value

  5. Si why not allow the US$ to be used if u have a cash deficit of your own money. Also the double standard how can you arrest people for demanding cash in foreign currency wen the same government is also doing the same. Wen entering zim we pay gate pass in Rands or US$ & also wen we leaving. Passports we can pay in Rands no problem but why R4000 wen South Africans are paying R400 & their documents havr got better features than ours.

  6. I endorse many of the above comments. Somewhere else Ncube has said that he wants to enforce the use of the ZWL dollar. Then make it readilty available, Minister! Simple. My bank branch gets sproadic deliveries of ZWL and the amount per ocassion is insufficient to meet the demands of the customers who visit the branch let alone those who need the money but are unable to get to the branch. It’s all very well talking about introducing more money but when, when, when? we require it now, now, now. Mr Ncube you live up in the clouds.

  7. Mthuli Ncube is a foreign based Minister who does not know what is happening on the ground. We keep on using USD because 1. We are importing more than exporting yet this local currency does not work anywhere else.
    2. Lack of confidence with this currency being derived from past experiences.
    3. Legitimacy crisis, People keeps on subbotaging.
    4. Suppression of the will of the people. A leader is a servant not a ruler.

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