fbpx

“We Can No Longer Have A Currency Which Is Driven By Foreigners” – ZANU PF

Zimbabwe’s ruling party has hinted at plans to revert to using the local currency as its sole means of exchange saying “we can no longer have a currency which is driven by foreigners.”

Without giving timelines, Christopher Mutsvangwa, the ZANU PF’s spokesman, told reporters in the capital, Harare, on Wednesday:

What we are getting to is the domestication of the Zimbabwe currency. We can no longer have a currency which is driven by foreigners. It is good for the country because our relationship as Zimbabweans is determined by our currency.

The Zimbabwe dollar was abandoned in 2009 following hyperinflation, and the country began using mainly the US dollar. The local unit was reintroduced in June 2019 and the use of other currencies was outlawed, but that policy was reversed in April 2020.

Locals mainly use the Zimbabwe dollar to pay for bills and taxes, preferring to use the greenback for the bulk of other transactions.

The local unit has lost more than 80% of its value against the US currency this year. While the official and parallel rates have diverged widely, the differential has recently narrowed after the authorities instituted measures to close the gap.

The Treasury announced in June that the US dollar will remain legal tender in the country for the next five years, a decision that was meant to ease uncertainty over currency regulations.

Pindula News

Download the Pindula App for a better user experience.

Join WhatsApp & Telegram News Groups:

WhatsApp Group: https://chat.whatsapp.com/Lola0p7vo0W5H9lM3o5HCH


Telegram Group:

Back to top

9 comments on ““We Can No Longer Have A Currency Which Is Driven By Foreigners” – ZANU PF

  1. fc uk these z a n u clow ns are a bunch of fu c k en idi ots ! they keep shoot ing themselves in the foot, and that is probably where their brains are, either that or z a n u are born with brains in their ah soles instead of in their heads !

  2. These cattle herders who went to Mozambique 🇲🇿 and came back leaders are a disaster in the making. Zanu pf will always mess up.

  3. Wow! Bring it on! I can’t wait to see the 100 Trillion Dollar note again. It will be such fun to collect these notes again. Am so looking forward to it (in small print: ‘it will have its consequences, so bring ’em on!)

  4. That is POLITICAL rhetoric not consistent with the realities of the economy. It’s an emotional rant that politicians do when they run out of steam. Yes, they may implement the RANT but the consequences on the economy will be dire. Do not use emotions to govern!!!!!!

    1. I think we should go back to use our own currency like all other countries. This dollar policy brings a lot of suffer. Even if we reach trillions the businesses must strive to manufacture and export rather than continuing to sabotage zim economy.

Write a Comment

Your email address will not be published. Required fields are marked *


Share Full Post