Zimbabweans React: To The RBZ's Announcement Of The Return Of The US Dollar

Following the announcement by the Reserve Bank of Zimbabwe (RBZ) that individuals with free funds (foreign currency) can now use the same to buy goods and pay for services locally, several prominent Zimbabweans have expressed their thoughts about the development on Twitter.

Here are some of the comments in response to Central Bank Governor John Mangudya’s surprise announcement:

Nelson Chamisa: This is ridiculous!

Kudzai Mutisi (a prominent government supporter on social media): Foolish policies here… Stupid to the core… Where exactly did these people learn this nonsense? Fixing an exchange rate in 2020? Who will follow that?? Dumbness at it’s best!

Mduduzi Mathuthu: Coronavirus? Which other country in the whole world has abandoned its currency because of a virus by the way? Abalanhloni? @BitiTendai told them it won’t work.

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Joseph Cotterill (non-Zimbabwean international journalist): Zimbabwe effectively brings back the use of the US dollar in transactions. It’s linked to measures against the pandemic. Dollarisation pressures had been building in the economy recently.

Energy Mutodi (ZANU-PF MP): Government through the RBZ has said US dollars can be used as legal tender until further notice. This measure is to mitigate the effects of Covid-19. Exchange rate fixed at 1:25 USD/ZWD. Bank rate @25% & Bank Statutory Reserve ratio reduced by 0.5%. Winter Wheat funded up to 2,5bln.

Jonathan Moyo: The #coronavirus has forced the return of the multicurrency system and @ReserveBankZIM has suspended the “managed” floating exchange rate and replaced it with a fixed exchange rate at ZW$25 to the US$. The fixed exchange rate is meant to benefit the private sector called Sakunda!

Hopewell Chin’ono: Dzokororo ine simba from the best Finance Minister. We told them that they would re-dollarise, they called us haters for sticking to real economic principles & common sense. Rest In Peace Zimbabwean Dollar! Let us see if your parents will bury you or keep the corpse in the house!

ZimLive: The bond experiment is over. Tomorrow TM, OK and the rest joined by Econet will be displaying US dollar prices. Why not just go the full monty and dollarise?

Tich Ray: This may mark the death of the local fake currencies currently in use. I mean, the possibility is huge that after #COVID19 no one from the RBZ will say anything about this temporary dollarization. Trading may just continue at the artificial 1:25 but with every1 opting to receive forex.

Kholwani Nyathi: Living in Zimbabwe is an extreme sport. So everyone is now free to charge in US dollars, including landlords and vendors. Using #coronavirus as an excuse to re-dollarise