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OpenZimbabwe To Reintroduce Local Currency, Says President Mnangagwa
1 year agoSun, 15 Oct 2023 05:17:28 GMT
President Emmerson Mnangagwa said that Zimbabwe will revert to the use of the local currency as the sole legal tender and dump the multi-currency regime to accelerate economic growth.
According to Statutory Instrument (SI) 118A of 2022, the local currency and a basket of foreign currencies shall be in use until December 2025.
The SI which introduced the multi-currency regime is titled Presidential Powers (Temporary Measures) (Amendment of Exchange Control Act) Regulations 2022.
Addressing delegates to the 9th CEO Africa Roundtable Conference in Victoria Falls on Thursday, 12 October, Mnangagwa said the country should revert to the exclusive use of the local currency even if it may cause suffering for some time. The Chronicle quoted him as saying:
In 2009, our domestic currency collapsed and our former President Mugabe appointed a committee of five people which I chaired to look into the currency issue.
We agreed that for us to survive we had to create a basket of currencies and allow our currency to die.
It could have been a wrong decision but that is what happened in 2009. We allowed the basket of currencies and that saved the economy, and we went in that situation for a long time.
So, we decided to introduce our own currency but still our currency continues to be fought.
However, we have to go through this cycle where as a country we must have a currency that we call our own.
We must bite the bullet, whether it gives us some suffering for a period, we shall proceed to have our own currency, not a situation where the economy has a regime of currencies in use, we want a single currency and we are going there.
Mnangagwa made the remarks while responding to participants at the 9th CEO Africa Roundtable Conference who inquired about the way forward in view of the projected expiry of the multi-currency regime in 2025.
Reports indicate that the US dollar now accounts for over 76 percent of domestic transactions.
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48 Comments
Chamisa@gmail.com · 1 year ago
zvakatadzwa nanaMugabe vadafunda kwete ana musoro bhangu,makatorohwa henyu nemutoriro
kutonga nedemo · 1 year ago
no matter what you do zims economy are controlled by the informal market no governor no reserve bank can utter a word that can change anything and its not the first time mr president tried to dedolirize the economy but itbcant work and of coz we are bricks just that we havnt been notified
Anonymous · 1 year ago
Mr President is giving us a heads up or warning so to speak, that Government has set a date to join BRICS, 1st of January 2026. As a consequence adopt the BRICS currency which will necessitie ditching the US currency. A move that will free Zimbabwe from economic sanctions and free us from currency manipulation by our detractors. Or those western puppets, whomever they may be - real or imagined.
Anonymous · 1 year ago
Mr President is trying to hint to the fact that Zim has set a date to join BRICS, as a consequence adopt the BRICS currency. That's ditching the US Dollar. Get it
Matigari the Economist · 1 year ago
do we have any reserves to back our currency?? Lack of reserves will simply result in hyper-inflation as our economy fails due to lack of FDI and the much needed economic reforms.I prophesy that everyone will become billionaires again if the zimdollar becomes the sole trading currency.Watch this space
Anonymous · 1 year ago
GOD HELP ZIMBABWE AND IT'S PEOPLE. ALL VERY WELL TO SAY THAT BUT, WILL THEY SUFFER THE CONSEQUENCES - NO, NO, NO....
Anonymous · 1 year ago
Government has till 2025 to prove that the currency can maintain it's value and they themselves take their FULL pay in local currency before the full transition. Proven that they take their full pay in Local not from their various businesses and other interests. If they get forex from their businesses, they must convert them entirely to local. Lead by example. They too must bite the bullet not direct others to bite it for them.
chokonyonyo · 1 year ago
it will work no it won't work
@04 · 1 year ago
why do you want to bring suffering to the ppl.nekuti ivo Mukuru neshamwari dzavo vakazadza diamond negold mudzimba dzavo.
pvc · 1 year ago
isu tisu velocal currency ivo maUS ndeavo havatomadii mabond aya
Jah 🦓 Tsvarie-07 · 1 year ago
Bring suffering for a period says the statement 😭 but is there need to bring suffering jus to please Mthuli and Mangudya yet they don't use it to set an examlpe 🤔
abc · 1 year ago
aren't the majority suffering ko imwe suffering yavanoda mukuru ndeipi, kuti mukuru hakusisiri kuchembera here. ndoona kuti ndozvinoita ma old ages .
new leader · 1 year ago
those who are talking of confidence let them be assured that people will have confidence only when there is a new leader who is not the incumbent
🤔🤔🤔🤔🤔🤔🤔🤔 · 1 year ago
nyika ino ikutoda Jeso nekut kudhunya kwa current mukuru kwakutoda Jeso.
hanty tagara tinaro here Zim dhora saka handei tione izvo zvma statutory instruments izvo pamakabvirira regai ndikuudzei zvamusingaudzwe na mthuli na mangudya......
in 2009 it's not the government that introduced US dollar muma streets police yaitove busy confiscating forex it's the market that rejected useless Zim trillion dollar denominated papers.
saka chero mukadini mukadini hapana hapana povho inongoramba zvema dhisinyongoro.
abc · 1 year ago
kutambisa mari nekugadzira mari yamunoziva kuti after 2 minutes tinenge takuitsika muma streets ,ikoko ndokuteya nzou neriva,zvirinani mari yacho muticherere zvibhorani toitawo zvinhu zvinobatika kana kutenga mishonga. muzvipatara. koivo zimdollar racho vanorizivahere? ,vanorishandisa here? ,ndoravanotambira here? ,saka varikuda kurigadzirira ani? ivo there were the first people to reject the zimdollar by pegging their own salaries in USD. so nyaya iyoyo hatidi kuinzwa
wadya chingwa here nhasi · 1 year ago
kana uri wemangai tibviree kumhepo
abc · 1 year ago
the economy is like water in a river ,have to flow naturally ,hakuna munhu akamboenda kurwizi nema pump kumbomba mvura kuti iyerere never
· 1 year ago
unotoshaya kuti rinofunga nepai
abc · 1 year ago
kkkkkkk
Anonymous · 1 year ago
Spartan Solder has said it, 'Confidence!! In those who claim to have been voted in! Confidence in the Polices put in place! Confidence in how Public money is spent! Confidence in of Private money is secured! Confidence in of Zimbabwe interacts with the International Community. And right now the slow decline in value, surely to speed up in erosion, simply revolves around 'Lack of Confidence!!!
abc · 1 year ago
tongoti mukuru vanga vakarohwa nejack Daniels double .
Verbatim bulletin · 1 year ago
Varungu Vakawanda peku ****tira economy dzakadhakwa nemhaka yema SANCTIONS we can't have trade reverance, everything is soiled we' are made into an experiment without a conclusion
Look east played a part but still can't fit us in to win the hearts of the Brentwood etc
This is no doubt a ploy to recolonise
The story is Akin to the introduction of hut tax in the yore years of pre independence era
xyz · 1 year ago
Kushingirira mhopo iripamusana iwe une ziso rinembonje.
Empty shelves · 1 year ago
Oh to be trillionares once again. Sweet memories of our Zim dollar.
prigozhiny · 1 year ago
US$ rinenge risinga chashandi ginya imboma manje munojaira chete boys dzinenge dzopfeka uniform brace up for our 🇿🇼 dollar
· 1 year ago
Well for us to trade international we need USD so rinoshanda chete. Lets wait and see
1
Anonymous · 1 year ago
O0009887
Anonymous · 1 year ago
MaZimba tiri masaboteur, it wont work, takatojaira hunhu wakashata sitereki.
· 1 year ago
itai tione kut chinotenga here chimari chenyu , chikasatenga tochirasa sezvatakaita ma 2bond 5 bond 20 bond ne50 bond
doug · 1 year ago
As long as industry is not working and the bond dollar is produced for the rich to buy gold cheaply and mop up the US dollars remitted to friends and family from the diaspora, the local currency will always follow the Nehanda 50 Bond way, people will just reject it and use what they will see fit.
economist · 1 year ago
i agree with you in that industry has to be functional firstwhy industry - becsuse it does two things (i) - a functional industry absorbs a large proportion of the workforce into the firmal sector where systematic and ethical control of business principles tske place unlike in the informal sevtir5things just follow the wind. (ii)-- s functional industry relieves the economy of a large number of small self employed businessman who are not producing anything but mainly selling local and imported goods and services which put alot of pressure on the need to have foreign currency.
Ghetto Prophet · 1 year ago
Ndoo Circus dzaGono dzekubvisa ma zero,, we are going to also have "new" rate against the US $
Jim · 1 year ago
asi ipopo pakawoma Mr President itai tiwone
Verbatim bulletin · 1 year ago
There was no need to make announcements
it should stop abruptly and rejuvenate the current to a prescribed exchange rate done only in Bureau de change ONLY,.
Not too difficult this era cause you can Swipe and mobile money, E transact etc
Zvinongo pedzerana kumasaisai ikoko bedzi
In many countries people hardly carry cash around the least denomination is ka 20
transportation they use tap cap cards and or Swipe so this Chingching business has gone to dinosaurs
· 1 year ago
Autocratic moves rotten the economy.
As per statutory laws any currency change should be announced.
If you're employed you will one day come to you senses.
After retirement you will be getting money sufficient to buy a loaf 🍞. That's what we dont want we want currency thst will sure thst we're working.
Vision 2030 is now impossible cause it will take us time to adjust after introduction of new currency or after reaffirmation of ZWL. Except if by 2025 he wouldchave achieved most of the vision goals
@Vhedza · 1 year ago
Let's see those who will deny our currency use
Spartan Soldier · 1 year ago
Somehow Zimbabweans will introduce the multiple currency regime I wonder how.
Imagine buy a Honda fit in ZWL paying 40 million or even more by 2026
Mdara Odza · 1 year ago
Zwl 40 million will only buy you a loaf of bread by 2026
Spartan Soldier · 1 year ago
@Mdara Odza or maybe a freezit.
PVC · 1 year ago
Bite a bullet kkkkk
CHAWABVUNZA · 1 year ago
I read somewhere sometime back where it said that there were very few countries in the world who once used the United States Dollar and later on managed to go back to their own currency. The article said the USD is too attractive to just push it out like that. It shall be seen if ZImbabwe is going to be able to do it if Government is failing to do it now.
This is my story and I am sticking to it.
[ THE BUSH LAWYER4CCC ].
Da Truth · 1 year ago
I personally wouldn't bite a bullet for Zanupf I am going to dodge a bullet when the time comes .👏🏽💵
