President Emmerson Mnangagwa on Wednesday vowed that his government will not abandon the Zimbabwe dollar for other currencies.
Mnangagwa made the remarks when he addressed a rally at Bumhira Secondary School in Nyanga North after having commissioned Nyakomba Irrigation Scheme earlier in the day. He said:
To prosper as a nation, we must have our own currency. We cannot develop and prosper without our own currency. They may plot to destroy our currency, whatever they do, let me make it categorically clear — we will not go back on the currency issue.
We will continue until our currency stabilises and strengthens. It is only with our local currency that we can develop as a nation.
The American currency can only develop America, the Rand can only develop South Africa, the Pula can only develop Botswana, the Kwacha can only develop Zambia and the metical can only develop Mozambique.
And in Zimbabwe, can we continue to depend on other people’s currencies? No. We will continue to promote our own currency.
The Zimbabwe dollar was reintroduced over a year ago as the “RTGS Dollar” and was initially used alongside other currencies.
However, in June the government banned the use of other currencies, making the Zimbabwe dollar the sole legal tender.
The local currency has been losing value alarmingly with some government departments demanding payment for services in foreign currency.