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Economist Gift Mugano says the recent announcement by the Government to extend the multi-currency regime is not sincere.
On Friday, 27 October, the Government enacted Statutory Instrument 218 of 2023 which extended the duration of the multicurrency regime from 2025 to 2030.
However, posting on X, Mugano, <a href="https://www.pindula.co.zw/2023/10/04/economist-gift-mugano-fired-from-zimtrade-board/">who was fired from the ZimTrade Board by the Minister of Foreign Affairs and International Trade, Frederick Shava, last month</a>, SI 218 of 2023 which extended the multi-currency system is “a dummy”. He said:
<blockquote>
Is the SI 218 of 2023 which extended the use of the multi-currency regime to 2030 real or it’s a dummy sold to us? I think it’s a dummy.
… In my view, the extension is meant to give us the impression that the USD is here to stay and we calm down and then @MthuliNcube pulls out a shocker when we are not expecting right?
</blockquote>
Mugano cited remarks attributed to Finance, Economic Development and Investment Promotion Minister Mthuli Ncube where he explained the rationale behind the extension of the multi-currency dispensation.
Speaking at this year’s pre-budget seminar, held under the theme “Consolidating Economic Transformation”, at the new parliament building last month, Ncube said, as quoted by <a href="https://www.newzimbabwe.com/we-are-headed-for-mono-currency-lets-be-clear-about-that-says-mthuli-ncube-gives-reasons-behind-multi-currency-system-tenure-to-2030/">NewZimbabwe.com</a>:
<blockquote>
You saw the SI that we issued a few days ago, where we said because of that, we wanted an orderly situation in the market rather than disorder.
<div class="in_article">
<div>
Disorder was beginning to emerge. What we saw in the banking sector. Banks were now refusing to lend money at all, some of them in USD, so that had become chaotic.
So we thought that let’s release some pressure from the market to restore order.
</div>
</div>
</blockquote>
Minister Ncube also stated that despite extending the multi-currency regime by another 7 years, the Government has not abandoned plans for a mono-currency. He said:
<blockquote>
We are headed for mono currency, let’s be clear about that, but we want order. So the extension to 2030 was to create order and calm in the market.
</blockquote>
Economists estimate that 80% of the local economy is dollarised, with the gap between the official and exchange rates continuing to widen.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Statutory Instrument Extending Multicurrency Regime To 2030 "A Dummy", Says Mugano

The Zimbabwean government has allowed for the settlement of transactions and payment for goods and services in foreign currency until 31 December 2030. President Emmerson Mnangagwa said Statutory Instrument 218 of 2023 overrides another regulation called Statutory Instrument 142 of 2019 which declared the Zimbabwe Dollar as the sole legal tender in any transaction in Zimbabwe.
<img alt="Statutory Instrument 218 of 2023" class="wp-image-265687 aligncenter" decoding="async" height="625" loading="lazy" sizes="(max-width: 398px) 100vw, 398px" src="https://news.pindula.co.zw/wp-content/uploads/2023/10/temp-191x300.jpeg" srcset="https://news.pindula.co.zw/wp-content/uploads/2023/10/temp-191x300.jpeg 191w, https://news.pindula.co.zw/wp-content/uploads/2023/10/temp-651x1024.jpeg 651w, https://news.pindula.co.zw/wp-content/uploads/2023/10/temp-976x1536.jpeg 976w, https://news.pindula.co.zw/wp-content/uploads/2023/10/temp.jpeg 1169w" width="398"/> 
There has been confusion regarding the termination of the multicurrency regime in Zimbabwe. The government initially stated that it would end in 2025, but this caused uncertainty. Although the Minister of Finance, Professor Mthuli Ncube, assured that the regime would continue beyond 2025, the business sector remained doubtful.
Recently, banks stopped providing loans in United States Dollars (USD) due to concerns about what happened in 2019. During that time, USD bank balances were converted to Zimbabwean dollars with authorities claiming they had the same value as the USD. However, the Zimbabwean dollar later lost its value, leading to significant losses for depositors. As a result, people have lost confidence in the banking system, leading to a decline in bank deposits.
Inconsistent monetary and fiscal policies have made foreign investors hesitant to invest. They are concerned that they won’t be able to take their profits back to their home countries or that their profits will be reduced by high inflation. Monetary and fiscal policies can influence foreign direct investment by affecting interest rates, and exchange rates, and providing incentives. Stable economic conditions and reliable policies are important for attracting foreign investors. 
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