Dollarising caused challenges because we cannot print money: RBZ

Reserve Bank of Zimbabwe, Deputy Governor Dr. Kupukile Mlambo appealed to researchers to come up with studies to help central banks deal with some of the problems that they are now facing, particularly from using the United States Dollar. Dr. Mlambo said one of the main challenges that came with using multiple currencies, was that the central bank could not print any of the currencies in circulation.  He also said that it was unlikely that the country was going to adopt the Rand, although the central bank was in support of the rand.

Speaking at the 14th African Finance Journal conference in Victoria Falls Dr  Mlambo said:

The impact of the US dollar is limited because of lack of research. Dollarising the economy brings stability but causes challenges because as the central bank we can’t print any of the currencies we are using.

We can’t talk of adopting the rand. We are not against the currency but we want people to use it and the challenge is that using it is different from adopting it, which we can’t do because that will need a lot of engagement with the South African government

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