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Biti Warns Zimbabwe Against Abandoning US Dollar For BRICS' Proposed Alternative Currency

1 year agoMon, 18 Sep 2023 14:35:35 GMT

Biti Warns Zimbabwe Against Abandoning US Dollar For BRICS' Proposed Alternative Currency

The former finance minister of Zimbabwe, Tendai Biti, has cautioned President Emmerson Mnangagwa‘s administration against abandoning the US dollar for an alternative currency as they consider joining BRICS. Biti warns that de-dollarisation could have negative consequences for the country.

BRICS is a bloc of emerging economies including Brazil, Russia, India, China, and South Africa. Zimbabwe has applied for BRICS membership, which recently accepted six oil-producing nations.

Biti argues that Zimbabwe lacks the necessary conditions to transition away from the US dollar and warns that such a move could lead to economic disaster. BRICS aims to challenge the dominance of the US dollar by introducing a gold-backed international reserve currency. Biti said:

The regime is intent on de-dollarization. This move will be an absolute disaster and will cost workers and pensioners.
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Conditions for de-dollarisation don’t exist.
Move is a zany attempt to follow the global de-dollarization agenda being pursued by BRICS and other new world order advocates.

Zimbabwe currently relies on a multi-currency system, with the US dollar being the preferred choice due to a fragile and volatile domestic currency. The Zimbabwean dollar has faced challenges such as inflation, corruption, and a lack of investor confidence in the ZANU PF-led administration. Financial analysts anticipate a significant depreciation of the local currency, both in the official exchange rate and on the black market, when the government releases its outstanding payments to contractors. This is expected to have an immediate impact on the value of the Zimbabwean dollar.

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41 Comments

AK · 1 year ago

BRICS can be pronounced as B.R.I.C.S wc means Brazil, Russia, India, China and South Africa. So Zimbabwe ikapinda inenge yavakunzii manje.

ronald hodza · 1 year ago

I think in the near feature bricks is the real deal. For now, on interim basis, we need USD as the economy slowly showing signs of growth. What is more vital is production in our economy if that is achieved when all local products be produced locally inflation will decline. We even want this economy to be run by our local currency. Our currency it has to be competitive competing with other currencies across the World.

abc · 1 year ago

economically in Zimbabwe we don't need too much thinking or extra ordinary assumptions .all we need is simple apply the basic then all will be well with our economy for a start ,tinongofanira kurega zvinhu izvi chete 1) corruption, 2) unbudgeted govt expenditure, 2 no savings, 3) poor governance policies,4) black ,market ,5) keeping money at home 6) selling minerals ari raw 7)Ku important zvinhu zvanokwanisa kukugadzirwa muno,8)kuprinta mari zvisina direction isina kutsigirwa ne goridhe rinoenderana naro, 9) kusavawo ne industry inemutsindo, etc

ronald hodza · 1 year ago

abc you have a great point there.

abc · 1 year ago

org · 1 year ago

mari yezvikwerete hatidi inodyiwaa nemunhu 1 tarirai 15billion yakarova nevamwe baba vakazodyiwa nemujuru saka hatidi ngazvizoitaa mukomana apinda hake man of God

Kg · 1 year ago

APART FROM FREE UNRESTRICTED TRADE WITHIN BRICS THIS FORMIDABLE GROUP DOESN'T INTERFER IN ANY COUNTRIES INTERNAL AFFAIRS. UNLIKE THE US WHO USE THEIR DOLLAR TO SUPPRESS OTHER NATIONS THE US SANCTIONS NATIONS THAT OPPOSE SAME SEX AND THE SO CALLED HUMAN RIGHTS WHERE'S THEY ARE THE WORST VIOLATORS. SO BRICS IS COMING AS A SAVIOR OF A SANCTIONED NATION. THEY WILL BE A FORCE TO RECKON WITH. EVE AS WE SPEAK THE USD GLOBAL DOMINANCE IS SLIDING AT AN ARLAMING RATE BITI OF ALL THE PEOPLE WOULD NOT WANT TO WITNESS A ZANUPF SUCCESS IN HIS LIFE TIME OF COURSE. SO BEING AN INTELLIGENT WESTERN PUPPET STOOGE BITI IS TRYING TO INSTILL FALSE AND MALICIOUS PROPAGANDA TO CIRCUMVENT THE INVETABLE FUTURE PROGRESS HE IS FOR SEEING

KG · 1 year ago

@CHI BABY CHE ZANUPF THANX FOR THE BRILLIANT COMMENT. SHOW THEM THE LIGHT BABY YOU ARE MARVELOUS!

Anonymous · 1 year ago

**** yenu

🏃‍♀️ Chi baby che ZANU 🌊 · 1 year ago

Biti must lecture his amateur of an SRC president first. Where was he CCC ichibika mahumbwe pama elections. Proponents of the western regime change agenda just think about the US dollar as a solution to our economic woes yet no creature can live on transfused blood alone. The rationale behind adopting a multicurrency system was to facilitate the reintroduction of a local currency. That they've been fighting against very much because once its achieved, their relevance shall diminish.... So we understand why Biti is always barking on economic matters from the terraces

and · 1 year ago

we are tired of this propaganda.u cant talk of brics isati yaapprove our joining.how if we fail to join tozodii.who destroyed our zim dollar which had value over the usd.corruption is destroying our country.

FFFFFF · 1 year ago

One thing you should know is that no African/Asian/South American country; which plays well with the west, is against BRICS and has got IMF/World bank loans, has ever grown its economy to the point of becoming in par with western economies. It is not just government corruption it is western sabotage!! So if all this hasn't helped anyone why not try something new? I know zanu pf is (*&^(&( they will use this as an opportunity for corruption and self advancement but for a strong spined government joining BRICS is a good thing. It's high time we learn that western systems are a failure and they destroy the economy (e.g IMF/World bank loan policies) so it's time to try something new!!

ffffffff · 1 year ago

One thing you should know is that no African country which plays with the west, is against BRICS and has got IMF/World bank loans, has ever grown its economy to the point of becoming in par with western economies. It is not just government corruption it is western sabotage!!

unknown · 1 year ago

what exactly does Zim have to offer to BRICS. Other than giving away our mineral resources in exchange of being accepted.

abc · 1 year ago

if we examine carefully Mr Biti during that tenure 2008 it wasn't really the USD that participated to a greater extent to the removal of shortages of basic commodities but it was the rand

KG · 1 year ago

GET AWAY BITI REGA TIITE ZVATINODA. YOU THOUGHT YOU WOULD TURN THIS COUNTRY TO AN AMERICAN PUPPET ZONE AND FAILED. LET THE WHEELS OF CHANGE ROLL. WE ARE LOOKING EAST MY FRIEND AND THERE'S NO TURNING BACK PAMBERI NE BRICS PASI NE G7 PAMBERI NE YUAN PASI NE USD. WHILE THE REST OF THE WORLD IS DITCHING THE US DOLLAR BECAUSE IT HAS BEEN WEPONIZED BITI IS AFRAID THAT IF WE TURN OUR BACKS AGAINST THAT DOLLAR THIS COUNTRY WON'T FEEL THE HEAT OF THE SANCTIONS THEREBY RENDERING THEM IRRELEVANT AND IN EFFECTIVE. SO THE REGIME CHANGE AGENDA WILL DIE A NATURAL DEATH.

👁️👁️ · 1 year ago

If you are not a puppet of the west you are are an puppet of the east. You are busy insaulting each other to become a puppets of different blocs. It shows kuti Africans are shallows minded monkeys who refuse to evolve from monkey stage to human beings

Anonymous · 1 year ago

Bravo so right 👏Are we going back to Roman times? It's absurd as our local money is not worth the in its printed with! How can the put any value on RTGS if the Reserve Bank is empty. What they going to back it with, more poverty and inflation. Find some work to do that's credible so we have some evidence of honesty.

Anonymous · 1 year ago

Let's wait and see whether this plan of dumping US will work

Shagghi · 1 year ago

Ivo mashefu mari dzavakaba dziri ku ma Western banks, saka vachatamba here kongonya kuti vagone ku withdrowa mari iyoyi if they look east or north east?

abc · 1 year ago

internationally the world is trying to move from unipolar to multi polar system that is to get of the dominance of the USD .to allow other currencies China, Russia,Iran etc.that is why Putin pegged his gas and oil in rubbles to certain countries in the G7 but its a long term plan for it to work

Collins · 1 year ago

BRics is ****

Muzondi Maposvo · 1 year ago

Better to join maybe tingakwanisa kupiwa Mari yechikwerete since varidzi ve USD racho vasingade kutipa chikwereti

🧐 🤔 · 1 year ago

@Muzondi Maposvo, Well said I second that thoughtful thinking Beside USD is embedded with alterior motives and preconditions that alternate to have it gain muscle to bully weaker nations

gumlaz · 1 year ago

vamwe vakaudzwa Hondo nemurwere wepfungwa vakamushora Hanz anopenga

Wuto · 1 year ago

Tambodzinzwa news idzi asi Biti wacho adzokorora zvaambotaura hr

thandi · 1 year ago

u will thank mr biti in future , , brics is full of ****

haha · 1 year ago

here he goes again the Mr know it all Tendai Biti...i wish u should have known that Nero was just a big mouthed dead rat all about making noise for himself not caring not even about those who affiliates with his CCC organisation.. CCC=Chamisa Chete Chete....unonzwa mumwe preaching about democracy to the ruling party whilst vanozviti tine democracy vacho hand picking candidates for post n positions democracy is about majority however kuCCC its about Chamisa Chete Chete.....Ngwara Biti a clever fisherman jumps before the boat sinks

haha · 1 year ago

Anonymous · 1 year ago

If you don't know yet....mashoko a Biti haawiri pasi. Keep them for reference

Anonymous · 1 year ago

A country of consumers and gold Mafia mbingas connected to Mbavha4ED and his children will never have economic freedom. Tisu tino controller zvese! Ticharamba tichingokutongai kusvika narini tichingotonga ...nana Weaknail, Javha cloth nemaPastor all unproductive dhanda heads!

fugu pfeee · 1 year ago

ndafara zvangu kuziwa kuti biti mupenyu.

CHAWABVUNZA · 1 year ago

While ZImbabwe can join BRICS, it is too early to do away with the dollar. ZImbabwe must not run away from International Monetary Fund. It will still be required to pay the debt in the manner prescribed by IMF. BRICS is still finding its footing. BRICS itself have no currency of its own It is still finding its footing. Noone can deny ZImbabwe from joining BRICS, but it is very early to do it at the moment. This is my story and I am sticking to it. [ THE BUSH LAWYER4CCC ].

ZvimbaI · 1 year ago

@BUSH LAWYER Why say that it is too early , do you have any reaaon to support what you said?

fugu pfeee · 1 year ago

then lets be part of that footing....

Anonymous · 1 year ago

What? Under it?

Goblins · 1 year ago

hapana zvinoziikanwa