We're Left With The RTGS & Swipe, Cash Is Coming! - President Mnangagwa
President Mnangagwa has hinted on the printing of the local currency saying that the country no longer has cash after putting an end to the multicurrency regime.
In June, the Reserve Bank of Zimbabwe introduced Statutory Instrument 142 of 2019 which reintroduced the Zimbabwe dollar and made it the sole legal tender in the country.
That put an end to the multicurrency system that had existed in the country since a decade ago.
Speaking during a clean-up campaign in Mount Pleasant on Friday, Mnangagwa said that the local currency with Zimbabwean features was on its way. He said:
You know that on the aspect of currency, we banned the multi-currency regime and said we want our own money. We are yet to have our own currency, but we banned the other currencies.
What we have left is the RTGS and swipe. In the future, money will come that will have our own features of Zimbabwe so that we can hold our heads high.
Since the introduction of SI 142, bond notes and coins became scarce on the market. They also picked value against the US dollar particularly on the black market as consumers were now in need of the local currency for all domestic transactions.
Recent trends, however, show that the local currency is slowly losing value against the dollar once again.
More: News Day
