Currency Reforms May Take Up To Five Years: Mangudya Tells Bloomberg

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has said that it may take as many as five years before the government is able to institute currency reforms and reintroduce the Zimbabwe dollar. According to Mangudya, the time is necessary in order for the country to address poor economic fundamentals. Mangudya said that before the country could reintroduce its own currency it needed to address fiscal imbalances, regains access to loans from international institutions and boost investor confidence in order to attract foreign direct investment (FDI). In an interview with Bloomberg Television in New York on Friday, Mangudaya said,

When those things are done, then you can have your local dollar. Within the next three to five years we will be able to achieve what we want to achieve on the currency reforms…Currency reform is a process. The economic fundamentals are not good and ready for us to have our own currency.  There is a danger of re-introducing a currency before the fundamentals are met.

Minister of Finance and Economic Development Mthuli Ncube has said that he favours the return of the Zimbabwe dollar. You can watch the interview on the link below,