The Market Has Self Re-Dollarised- CZR

Confederation of Zimbabwe Retailers president Denford Mutashu speaking to the Newsday said the market had rejected the Zimbabwe Dollar and many businesses formal and informal were already pricing their goods in forex to guard against inflation.

Said Mutashu to Newsday:

If you check internationally, currency is (about) confidence. Currency must have certain traits, characteristics that are not questionable. It should be used as a medium of exchange without either party feeling prejudiced. So in our case, the challenge we will always have is we are coming out of a multi-currency regime.

You can never police a currency or its acceptance in an economy where the market is 70% informal. All those people that you see going to the bank withdrawing cash, you will never see them going back to the bank (to bank it).
However, the Finance Minister said the Zim Dollar was here to stay and the government was going to enforce compliance by penalising those charging in foreign currency. 
More: Newsday

 

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2 comments on “The Market Has Self Re-Dollarised- CZR

  1. How can this be, you bloody hypocrites? #MthuliNcube is doing brisk business in selling fuel via #puma garages with #tagwirei and selling it in USD…. Check this out at the Puma garage in Cork/ Avondale in Harare. That fuel is sold in USD…. And it’s his…. Ow he says he will punish anybody else doing the same… What #bulldust is all that???? Punish yourself first…. Hypocrite Professor…. Who do you think you are fooling… Stop this nonsense… Idiots

  2. The fastest way for food to come off the shelves carry on with you dictatorship see how far it gets this country. This must be one of the most self destructive governments.

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