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Aug 22nd
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LATEST NEWS COMMENTS

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Business

Zim dollar not returning soon

Zim dollar not returning soon

“The Reserve Bank has noted with concern that some people continue to spread unsubstantiated claims on the imminent return of the Zimbabwean dollar.

“As monetary authorities, the Reserve Bank confirms the pronouncements made by the Honourable Minister of Finance and Economic Development on several occasions regarding the continued use of the multicurrency system,” she said.

She said at the pre-Budget seminar held in Victoria Falls last month, Cde Chinamasa categorically stated the Government’s position that the multi-currency system would remain for at least five years.

She said the minister indicated that Government programmes over that period would be predicated on the multi-currency system.
“There have also been press reports suggesting that Fidelity Printers and Refiners, a subsidiary of the Reserve Bank, is putting in place measures in preparation for the resumption of the printing of the local currency,” Dr Dhliwayo said.

“The Reserve Bank wishes to unequivocally put it on record that such reports have no basis whatsoever.
“As monetary authorities, we wish to   assure the business community and members   of the public that there are no plans to reintroduce the Zimbabwean dollar in the near future.”

She urged members of the public to conduct their business normally and refuse to be swayed by these falsehoods. Since 2009, the country has been using foreign currencies, such as the US dollar,     the South African rand and the Botswana pula.

Last month, Cde Chinamasa told legislators at a pre-budget seminar in  Victoria Falls that no consideration would be given to a reintroduction of the Zimbabwe dollar in the immediate term adding that the number of foreign currencies in use may be increased.

“The multi-currency system will remain for the next five years.  I do not want to continue being asked that question. It is going to be a multi-currency regime . . . (and) this will be the basis of our programmes for the next five years.

“Let that be clear to everybody. We might actually add more currencies to the cocktail of the currencies we are using now, depending on how that currency will be benefiting the country,” Cde Chinamasa said.

 
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