WATCH: "Kokakora Haichinje" - Mnangagwa Explains New Currency (Shona Translated)

In a speech in Southlea Park, President Mnangagwa explained how Zimbabwe’s new currency will work. He said that the multi-currency regime had contributed to the uncontrolled increase in prices of basic commodities and that once Zimbabwe its own currency, prices would stabilise.

#ED is a genius,he is going to introduce our own currency that is better than the FAILED Z$ &Bond note,that will not lose its value! You will go to sleep&wake up the following day &KOKORA will still be the same Kokora & same value ! #VARAKASHI clap hands for your leader 👏👏👏 pic.twitter.com/GOL6YNPOgH

— LynneM 💕💝💎 (@LynneStactia) June 8, 2019

Said Mnangagwa:

Those in the diaspora will send their money and so on. Investments will also come in the form of foreign currency. However, as a country, we are supposed to have our own currency. So we have started that journey. We have started it because right now you’re told the USD is 1:5 against the Bond note, and you wake up the next day the rate is 1:6, and the next day 7 then 8 and so on.

When they do that, they then say the price of bread and other things has done up, because of that exchange rate. But if you buy a bottle of Coca-cola, and you go to sleep, the next it will remain a bottle of Coca-cola. It doesn’t change. The same thing happens with a pair of tennis shoes. It doesn’t change value between days. It’s the same with a chair. The next day, it’s just the same chair. But they say the price has changed.

It happens because we don’t have our own money. We will get to a point where the America dollar or the Pound will be a currency you only keep but cannot transact with. When you want to buy, you will have to go to a bank to change and exchange it for our own money, which we will make. You will be told about this new currency.