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Zimbabwean-born economist, Gareth Horsfield, says the recent introduction of a new currency, Zimbabwe Gold (ZiG) to replace the Zimbabwe dollar, is akin to putting the cart before the horse as the country does not have the conditions to sustain it.
Horsfield said that Zimbabwean authorities should first restore confidence in the financial system, put in place strong economic fundamentals, and increase production to reduce dependence on imports which drain foreign currency, among other things for a new currency to have any chance of success. He wrote:
<blockquote>
<h2>Zimbabwe’s New Structured Currency: Putting the Cart Before the Horse</h2>
Introducing a new currency in a country comes with a complex set of challenges and considerations, particularly in an economy like Zimbabwe, which has faced significant financial instability over the years.
There are several reasons why introducing a new currency in Zimbabwe may not yield the expected outcomes or could potentially exacerbate existing economic issues.
<h2>Historical Context and Economic Instability</h2>
Zimbabwe has a history of hyperinflation, most notably from 2004 to 2009, which led to the abandonment of the Zimbabwean dollar in favour of a multi-currency system that included the US dollar and the South African rand.
This history plays a crucial role in understanding the scepticism surrounding the introduction of a new currency.
Hyperinflation led to a loss of confidence in the local currency, making recovery and re-establishment incredibly difficult.
<h2>Lack of Confidence in the Financial System</h2>
Confidence in the financial system and the stability of a currency is crucial for its acceptance and functionality.
Given Zimbabwe’s history of hyperinflation, the public’s trust in any form of local currency has been severely eroded.
Introducing a new currency requires building this trust anew, a process that can take years, if not decades, of stable economic policies and practices, something Zimbabwe has struggled with.
<h2>Economic Fundamentals</h2>
For a new currency to be successful, there needs to be a strong and stable economic foundation. This includes a stable inflation rate, robust fiscal policies, and strong governance structures to manage the economy effectively.
Zimbabwe’s economy has faced challenges such as high unemployment, a decrease in industrial production, and governance issues that undermine the potential success of a new currency.
<h2>Dependency on Imports and Foreign Currency</h2>
Zimbabwe’s economy is heavily dependent on imports for basic goods and services, which necessitates a strong demand for foreign currency.
Introducing a new local currency could lead to a devaluation against stronger foreign currencies, increasing the cost of imports and potentially leading to inflation.
This reliance on imports and the need for foreign currency make it difficult for a new currency to establish itself as a stable medium of exchange.
<h2>Social and Political Challenges</h2>
The introduction of a new currency is not just an economic issue but also a social and political one. It requires the buy-in from various stakeholders, including businesses, the general public, and international partners.
In Zimbabwe, where political tensions and social unrest have been prevalent, achieving this consensus is challenging.
Political instability can further undermine confidence in any new currency, making its adoption and acceptance more difficult.
<h2>Comparative Examples</h2>
Looking at other countries that have successfully introduced new currencies, it is clear that certain conditions need to be met, such as political stability, strong economic fundamentals, and public confidence.
These conditions are not easily met in Zimbabwe’s current context, making the successful introduction of a new currency more challenging.
In conclusion, while the idea of introducing a new currency in Zimbabwe might seem like a potential solution to its economic problems, the realities on the ground present significant obstacles.
Historical economic trauma, lack of confidence in the financial system, unstable economic fundamentals, dependency on imports, and social and political challenges all contribute to the scepticism around the success of such a measure.
For a new currency to have any chance of success, Zimbabwe would need to address these underlying issues comprehensively and convincingly, a task that requires time, political will, and economic stability.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

"Zimbabwe Lacks Fundamentals To Sustain New Currency"

Harare vendors now refuse Zimbabwe dollar notes, commonly known as bond notes, due to the introduction of the new ZiG dollar.
Consequently, consumers must purchase items not on their shopping lists because traders cannot provide change for amounts less than US$1.
Despite RBZ Governor John Mushayavanu’s declaration that old notes would no longer be legal tender by the end of April, traders continue to reject them.
Moreover, Mushayavanhu said ZiG notes and coins will begin circulating in the economy on April 30, 2024, to allow the Reserve Bank to undertake an intensive educational and awareness campaign on the key security features of the ZiG notes and coins.
In an interview with <a href="https://www.newzimbabwe.com/informal-traders-reject-bond-notes-as-market-quickly-reacts-to-new-rbz-monetary-policy/">NewZimbabwe.com</a>, Jane Makura, a vendor from the Dzivarasekwa high-density suburb, expressed sentiments likely shared by many ordinary citizens. She said:
<blockquote>
I do not know whether bond notes still work. What if I let people use them at my stall and later know they are now worthless?
This is another mistake. They should just let us trade in US dollars and leave this culture of changing currencies and removing zeros.
</blockquote>
Most tuckshops in Dzivarasekwa, Warren Park and Highfields and other high-density suburbs are no longer taking the banknotes.
The new ZiG, described by NewzWire as “Mushayavanhu’s clever way of removing zeros from Zimbabwe’s currency”, has been introduced at an exchange rate of US$1 to ZiG$13.5.
Last week, economist Gift Mugano said the new currency failed before it was launched mainly because it was not backed by sufficient reserves.
Mugano outlines seven factors which he believes will undermine ZiG namely (1) a large informal sector (+80% of the economy); (2) drought of confidence; (3) drought of production; (4) printing of money &amp; excessive liquidity caused by treasury; (5) lack of national cohesion and consensus; (6) lack of policy clarity; and (7) external shocks (drought &amp; subdued commodity prices).
Meanwhile, most major retail outlets such as supermarkets are still taking the Zimdollar notes.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Informal Traders Reject Zimdollar Notes

RBZ Governor John Mushayavanhu has made a firm commitment that the central bank will refrain from participating in any quasi-fiscal operations (QFOs).
In February this year, the World Bank advised the RBZ to cease all quasi-fiscal operations and unbudgeted expenditures and to transfer US$3.6 billion of its total external liabilities to the Treasury as soon as possible, since it had only transferred US$1.8 billion.
Quasi-fiscal activities include subsidies on bank loans, imports of agricultural machinery and inputs, allocation of foreign currency at subeconomic exchange rates, and minting and selling of gold coins below market prices.
Speaking at the presentation of the delayed 2024 Monetary Policy Statement in Harare on Friday, 05 April, Mushayavanhu said he has no desire to do other people’s jobs. He said:
<blockquote>
I do not believe in quasi-fiscal activities. It is not going to happen under my watch. My mandate as spelt out in the Reserve Bank Act is very clear and I have no intention to do other people’s jobs. I will do my job as the central bank governor as defined in the RBZ Act.
</blockquote>
Mushayavanhu also said the foreign exchange retention threshold will remain at 75% except for small-scale miners. He said:
<blockquote>
I am a stickler for rules and don’t come to me saying you want to retain 100%. This is not Animal Farm. We need forex to oil the economy.
</blockquote>
Economist Prosper Chitambara told <a href="https://www.newsday.co.zw/local-news/article/200025289/not-under-my-watch-declares-mushayavanhu-as-zig-is-launched">NewsDay</a> that the success of ZiG will depend on several factors including strict adherence by the central government to statutory limits in terms of the government’s borrowings from the central bank. He said:
<blockquote>
Market-dynamic forces of demand and supply must have greater sway in terms of foreign exchange rate determination. That also helps to boost confidence in the whole foreign exchange management system.
</blockquote>
Mushayavanhu also reduced the bank policy rate to 20% per annum from 130% per annum to reduce the cost of borrowing money and accessing credit.
The RBZ removed bank charges for individual bank accounts with a daily balance of US$100 and below or its equivalent in ZiG for a period of up to 30 days.
Also speaking to NewsDay, industrialist Anthony Mandiwanza said the jury is still out on the success of ZiG. He said:
<blockquote>
The rate is now down to ZiG13,5616. If it is going to be sustainable, reflected in the consumer price, then it’s working, and it will largely stimulate productivity. But, if it doesn’t, there will be challenges.
The point is the banks must be able to give you foreign currency if you go and apply if your account is funded, and the banks have no reason to retain that foreign currency if they can still get that foreign currency in the market.
So, it depends on whether the banks will be able to get foreign currency in the open market, but the jury is still out.
</blockquote>
RBZ Monetary Policy Committee member Persistence Gwanyanya said the introduction of a structured currency will bring stability.
He urged members of the public to support the new measures.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Quasi-fiscal Activities Will Not Happen Under My Watch, Declares Mushayavanhu

The Government has revealed the design, colour, size and material of the Zimbabwe Gold (ZiG) notes and coins.  President Emmerson Mnangagwa invoked his powers under the Presidential Powers (Temporary Measures) Act to gazette the Presidential Powers (Temporary Measures) (Zimbabwe Gold Notes and Coins) Regulations, 2024 which outlines the characteristics of the new ZiG notes and coins.
According to the regulations, all denominations of ZiG notes are equal in size and are also made from cotton paper. See the table below:
<table class="table table-bordered table-hover" id="table_1" style="width: 96.3647%; height: 260px;">
<tbody>
<tr>
<td style="width: 23.3732%;" title="Character Accurarcy=98.92">ZiG</td>
<td style="width: 17.1315%;" title="Character Accurarcy=99.32">Composition</td>
<td style="width: 19.9203%;" title="Character Accurarcy=99.58">Watermark</td>
<td style="width: 21.2483%;" title="Character Accurarcy=99.78">Size</td>
<td style="width: 22.0452%;" title="Character Accurarcy=99.94">Basic Colour</td>
</tr>
<tr>
<td style="width: 23.3732%;" title="Character Accurarcy=99.59">One ZiG</td>
<td style="width: 17.1315%;" title="Character Accurarcy=99.97">Cotton Paper</td>
<td style="width: 19.9203%;" title="Character Accurarcy=99.75">Zimbabwe Bird</td>
<td style="width: 21.2483%;" title="Character Accurarcy=96.55">155mm X 65mm</td>
<td style="width: 22.0452%;" title="Character Accurarcy=99.92">Blue</td>
</tr>
<tr>
<td style="width: 23.3732%;" title="Character Accurarcy=99.5">Two ZiG</td>
<td style="width: 17.1315%;" title="Character Accurarcy=99.97">Cotton Paper</td>
<td style="width: 19.9203%;" title="Character Accurarcy=99.76">Zimbabwe Bird</td>
<td style="width: 21.2483%;" title="Character Accurarcy=97.56">155mm X 65mm</td>
<td style="width: 22.0452%;" title="Character Accurarcy=99.98">Green</td>
</tr>
<tr>
<td style="width: 23.3732%;" title="Character Accurarcy=99.63">Five ZiG</td>
<td style="width: 17.1315%;" title="Character Accurarcy=99.96">Cotton Paper</td>
<td style="width: 19.9203%;" title="Character Accurarcy=99.72">Zimbabwe Bird</td>
<td style="width: 21.2483%;" title="Character Accurarcy=96.9">155mm X 65mm</td>
<td style="width: 22.0452%;" title="Character Accurarcy=99.95">Red</td>
</tr>
<tr>
<td style="width: 23.3732%;" title="Character Accurarcy=99.5">Ten ZiG</td>
<td style="width: 17.1315%;" title="Character Accurarcy=99.97">Cotton Paper</td>
<td style="width: 19.9203%;" title="Character Accurarcy=99.8">Zimbabwe Bird</td>
<td style="width: 21.2483%;" title="Character Accurarcy=96.48">155mm X 65mm</td>
<td style="width: 22.0452%;" title="Character Accurarcy=99.93">Dark Blue</td>
</tr>
<tr>
<td style="width: 23.3732%;" title="Character Accurarcy=99.6">Twenty ZiG</td>
<td style="width: 17.1315%;" title="Character Accurarcy=99.97">Cotton Paper</td>
<td style="width: 19.9203%;" title="Character Accurarcy=98.36">Zimbabwe Bird</td>
<td style="width: 21.2483%;" title="Character Accurarcy=96.33">155mm X 65mm</td>
<td style="width: 22.0452%;" title="Character Accurarcy=99.99">Peach</td>
</tr>
<tr>
<td style="width: 23.3732%;" title="Character Accurarcy=99.62">Fifty ZiG</td>
<td style="width: 17.1315%;" title="Character Accurarcy=99.97">Cotton Paper</td>
<td style="width: 19.9203%;" title="Character Accurarcy=99.75">Zimbabwe Bird</td>
<td style="width: 21.2483%;" title="Character Accurarcy=95.66">155mm X 65mm</td>
<td style="width: 22.0452%;" title="Character Accurarcy=99.94">Orange</td>
</tr>
<tr>
<td style="width: 23.3732%;" title="Character Accurarcy=99.75">One Hundred ZiG</td>
<td style="width: 17.1315%;" title="Character Accurarcy=99.97">Cotton Paper</td>
<td style="width: 19.9203%;" title="Character Accurarcy=98.05">Zimbabwe Bird</td>
<td style="width: 21.2483%;" title="Character Accurarcy=96.88">155mm X 65mm</td>
<td style="width: 22.0452%;" title="Character Accurarcy=99.97">Olive Green</td>
</tr>
<tr>
<td style="width: 23.3732%;" title="Character Accurarcy=99.76">Two Hundred ZiG</td>
<td style="width: 17.1315%;" title="Character Accurarcy=99.97">Cotton Paper</td>
<td style="width: 19.9203%;" title="Character Accurarcy=99.8">Zimbabwe Bird</td>
<td style="width: 21.2483%;" title="Character Accurarcy=95.97">155mm X 65mm</td>
<td style="width: 22.0452%;" title="Character Accurarcy=99.94">Purple</td>
</tr>
</tbody>
</table>
The exchange rate for the new currency has been calculated by dividing the official rate by today’s gold price. Based on current rates, this translates to approximately 13.6 ZiG per USD.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

"All ZiG Notes Are Equal In Size And Made From Cotton Paper"

Economists have pointed out that while the proposed new structured currency might offer additional saving options for Zimbabweans, it may not fully address the country’s hyperinflation issue. The underlying problem lies in the government’s manipulation of financial systems.
These sentiments come as the government plans to unveil a new structured currency this Friday when the Reserve Bank of Zimbabwe Governor, John Mushayavanhu, presents the 2024 Monetary Policy Statement.
Speaking to <a href="https://cite.org.zw/currency-switch-may-not-cure-zims-hyperinflation-economists-warn/">CITE</a>, Stevenson Dhlamini, an economist and lecturer at the National University of Science and Technology in Bulawayo in the Department of Banking and Economic Sciences, said:
<blockquote>
Confidence is a key variable in currency success. As for the confidence in the financial system, Zimbabweans’ behaviour in interacting with this sector does not demonstrate a positive effect.
</blockquote>
Dhlamini, however, observed that existing structured alternative financial assets, such as gold coins and ZiG (Zimbabwe Gold, a digital token backed by gold and considered legal tender), have demonstrated stability. This positive trend suggests that the new currency might be similarly well-received. Said the lecturer:
<blockquote>
Whether the structured currency will have a significant economic impact is too soon to say until we have full details as to its operationalisation.
</blockquote>
Dhlamini also pointed out that structured currencies serve a dual purpose: acting as both a medium of exchange and an asset. As a result, ordinary individuals gain additional avenues for savings. He said:
<blockquote>
This means that if the structured currency is transparently implemented and with clear accountability measures, it is likely to lead to less commodification of the USD. This would mean that the ordinary Zimbabwean will have added options for value preservation and savings.
</blockquote>
Another economic analyst, Future Msebele warned that as long as the currency was manipulated by “saboteurs,” the new structured currency may not achieve its intended purpose. He said:
<blockquote>
We have been here before and everyone knows exactly what will happen. The Reserve Bank (of Zimbabwe) cannot continue to repeat what has been giving us undesirable results and hope for better results this time around.
We expect the new RBZ governor John Mushayavhanu, who has started on a wrong footing, to think out of the box.
</blockquote>
Msebele asserted that the country needed to fully dollarise so that people have a more stable capital market. He said:
<blockquote>
This will end the sudden capital outflows, and have a balance of payments less prone to crises.
We can only think of these bond notes and structured currencies when there is some form of economic stability.
However economic stability can not only be brought about by changes in the monetary policy, (Prof) Mthuli’s fiscal policy must complement the monetary policy.
Right now there is incoherence and disjointedness of monetary and fiscal policy measures.
</blockquote>
Joining the ongoing debate, Bulawayo Mayor David Coltart emphasized the critical need for authorities to rebuild public trust. Without this trust, the introduction of a new currency cannot serve as a panacea for addressing hyperinflation and the depreciation of the existing currency. Said Coltart:
<blockquote>
The reason our present currency has performed so badly is that people do not trust the institution responsible for regulating it.
The most important criterion in the running of any central bank is trust. Until trust is restored this new currency is doomed to fail as well.
Trust is only created when those running the central bank are recognised professionals who have been appointed because of their integrity and demonstrable skills, not who they know.
Trust is only created when there is total transparency and the central bank is demonstrably being run for the benefit of all, not just a small ruling clique.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Structured Currency May Not Cure Zimbabwe’s Hyperinflation, Economists Warn

CCC leader Nelson Chamisa said that if his party gets into government, he will, “for a short period” of time, maintain the multi-currency system with the US dollar as the dominant currency.
Chamisa said the multi-currency regime will be a stop-gap measure as the economy transition to a new local currency.
The former ICT Minister said Zimbabwe’s currency will be stronger than the British pound as his government will restore confidence in the economy, which he said is a pre-requisite for a stable currency.
He was addressing party supporters at Muchakata Business Centre in Masvingo Central Constituency. <a href="https://tellzim.com/chamisa-promises-to-scrap-cala-school-exam-fees/">TellZim News</a> quoted Chamisa as saying:
<blockquote>
When we get into power, we need to fix the economy, but to do that we need to address the issue of currency.
We will use a basket of currency but mainly USD but that will be for a short period.
We will then introduce our currency which is stronger than the Pound, Deutsche M9ark, Yen and Yuan.
It’s possible and what makes the currency stronger is the type of leadership.
</blockquote>
Chamisa also pledged to ensure that the Continuous Assessment Learning Activities (CALA) is scrapped and a new education curriculum that captures the views of stakeholders is adopted.
He said under a CCC government, parents and guardians will not pay schools for their children from ECD to Grade 7, and at Advanced Level, while ZIMSEC examinations fees will be scrapped for Grade 7, O’ Level and A’ Level.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Chamisa Promises To Introduce A New Currency

The Zimbabwe dollar has lost value by 564% to date since it was introduced in February this year.
A financial expert, Persistence Gwanyanya, is of the view that the currency depreciation is attributable to unsustainable subsidies and distorted exchange rate prior to the liberalisation of the exchange rate. He said:
<blockquote>It seems we underestimated the depth of our challenges, ostensibly because we suppressed the economy for too long, through unsustainable subsidies, including currency subsidies — exchange rate parity (1:1) and managed foreign currency allocation system.
All these are stop-gap measures, short-term fixes and half-baked solutions, which, ironically, got us nowhere, but deeper into the hole.</blockquote>
In February, the government designated electronic money as local currency and called it the <a href="https://www.pindula.co.zw/RTGS_Dollars" rel="noopener noreferrer" target="_blank">RTGS dollar</a>. The currency was liberalised and started to trade at US$1: ZWL$2.50.
In June the government abandoned the multicurrency system and reintroduced the Zimbabwe Dollar as the sole legal tender. The current exchange rate is at US$1: $16,60 on the official interbank market while on the parallel market it is US$1:22.
<h4>More: <a href="https://www.newsday.co.zw/2019/11/zimdollar-plunges-564-since-feb/" rel="noopener noreferrer" target="_blank">NewsDay</a></h4>

Zimbabwe Dollar Depreciates By 564% Since February

Following the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe" rel="noopener noreferrer" target="_blank">Reserve Bank of Zimbabwe’s (RBZ)</a> recent introduction of new banknotes and coins, depositors have complained about the small denominations and low withdrawal limits that have been put by banks.
On Tuesday, depositors were finally able to withdraw money from banks though there was a cap on how much an individual could get.
Some banks were allowing individuals to withdraw only $100 with the RBZ having set a cash withdrawal limit of $300 a week.
The RBZ released $2 and $5 denominations as well as $2 <a href="https://www.pindula.co.zw/Zimbabwe%27s_2014_Bond_Coins" rel="noopener noreferrer" target="_blank">bond coins</a> and considering the rate of inflation, the denominations are considered too small.
For instance, a loaf of bread costs between $14 and $16 which means one needs at least seven $2 notes to buy a loaf of bread.
<h4>More: <a href="http://newziana.co.zw/2019/11/12/new-zimbabwe-dollar-notes-hit-the-streets/" rel="noopener noreferrer" target="_blank">New Ziana</a></h4>

Small Denominations, Low Withdrawal Limits Infuriate Depositors

Former Finance Minister <a href="https://www.pindula.co.zw/Tendai_Biti" rel="noopener noreferrer" target="_blank">Tendai Biti</a> claims that the new Zimbabwe dollar notes were printed in January this year but the Reserve <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe" rel="noopener noreferrer" target="_blank">Bank of Zimbabwe (RBZ)</a> could not release them at the time.
Biti argued that the small denominations will be of no use as the economy has descended into hyperinflation. He said:
<blockquote>The madness continues unabated. These notes were printed long back in January 2019 but they couldn’t use them thanks to a tweet.
Now they are pumping same into a market which thanks to hyperinflation has no use for small units of $ 2 or $5. Arbitrage and rent.</blockquote>
On 11 February this year, Biti claimed that the RBZ was planning to introduce a new currency the following week. He used Twitter to make his claim.
<blockquote>The regime will this week introduce a new Zimbabwe currency not backed by any #reserves &amp; without the context of structural reforms which a prerequisite of currency reform. That move is pure undiluted #insanity. An unbanked currency is just the #bond note by another name.
There is no country in the world that has involuntarily dollarized that has ever succeeded in de -dollarizing. Zim will not be the 1st. Whilst a currency is about fundamentals, ultimately the most important fundamental is confidence There is absolutely no trust in this regime.
Considering the <s>#</s>harm and <s>#</s>damage inflicted on this economy by its Central Bank over the years to now, the question to be posed is, does Zimbabwe really need a Central Bank? In my submission, it can and will do without one.</blockquote>

New Zimbabwe Dollar Was Printed In January - Biti

Several retailer outlets across the country are reported to have reduced prices on selected items.
Some of the retailers to slash prices include Simbisa Brands fast food outlets and OK Zimbabwe variety chain stores.
For instance, the price for Chicken Inn two-piecer has dropped from $25 to $20 while that of the Bucket Meal was slashed by $15 from $75, while at OK Zimbabwe, the price of Cerevita went down from $13 to $9, and Mazoe Orange Crush (2l) went from $21 down to $17.
President of the Confederation of Zimbabwe Retailers (CZR), Denford Mutashu said:
<blockquote>The fall of prices was a decision made by different players after the parallel market and interbank rates tumbled following the scrapping of the multi-currency system.
Prices started to come down especially after the parallel market fell. Although the movement was slow, it was something that we welcomed.
We expect a positive response from value chain players. Other players should follow on. We have seen huge retailers and wholesalers that have reduced prices like N. Richards with over 31 outlets countrywide, Mahomed Mussa, Eat and Lick, Chicken Inn, Spar Zimbabwe, Food World and Choppies.
Pote in Zvishavane, Gonye retail in Chipinge, Pachedu in Mt Darwin also followed suit. When those flagship brands reduce their prices we expect other small shops to do so.</blockquote>
However, small-scale retailers have been castigated for refusing to reduce prices since the Zimbabwe Dollar was reintroduced. Most of them have actually hiked prices by between 100% and 150%.
When contacted by The Herald, Consumer Council of Zimbabwe (CCZ) executive director Ms Rosemary Siyachitema declined to comment.
<h4>More: <a href="https://www.herald.co.zw/retailers-in-major-price-climbdown/" rel="noopener noreferrer" target="_blank">The Herald</a></h4>

Several Wholesalers & Retailers Slash Prices On Selected Products

Members of Parliament have urged members of the public to embrace the Zimbabwe Dollar which was re-introduced early this week.
Speaking at a press briefing in Harare on Wednesday, Goromonzi North member of Parliament Ozias Bvute said confidence in the Zimbabwe dollar will come when people accept the currency as the sole medium of exchange. Said Bvute:
<blockquote>From a rural perspective, many of our constituents were now having difficulties trading in the US$ which was not readily accessible.
Confidence will develop between us when we trade, with us accepting the ZW$ as the sole medium of exchange.
When functionality occurs, confidence will grow… As long as basic goods and commodities are available, there is no need for lack of confidence to a point where the currency itself becomes dysfunctional.</blockquote>
Bvute’s sentiments were echoed by Zvimba South legislator Philip Chiyangwa who said that the Zimdollar would be a boon especially for rural people who had little access to foreign currency.
<h4>More:<a href="https://www.dailynews.co.zw/articles/2019/06/27/mps-call-on-citizens-to-embrace-zimdollar" rel="noopener noreferrer" target="_blank"> Daily News</a></h4>

MPs Urge Members Of The Public To Embrace Zim Dollar

Captains of industry said that they expect President Emmerson Mnangagwa to explain to them a number of grey areas over Statutory Instrument 242 of 2019.
The Zimbabwe National Chamber of Commerce (ZNCC) said that its members were ambushed by the government ‘s decision to ban the multi-currency system at the same time re-introducing the Zimbabwe Dollar.
ZNCC is currently holding a meeting in Victoria Falls under the theme “Expanding Horizons: Dynamic Solutions for Economic Turnaround.” Speaking to New Zimbabwe, one of the delegates attending the meeting had this to say:
<blockquote>We are eagerly waiting for the President so we interact with him because as industry, we want to understand a number of issues around the latest fiscal policy.
Questions being asked are why ambush people and what will be the way forward especially looking at how the industry has reacted?</blockquote>
ZNCC chief executive Chris Mugaga revealed that President Mnangagwa is expected at the event which is being attended by over 200 business leaders.
<h4>More: <a href="https://www.newzimbabwe.com/industry-summons-mnangagwa-to-explain-ambush/" rel="noopener noreferrer" target="_blank">New Zimbabwe</a></h4>

Captains Of Industry Waiting For ED's Explanation Over Zim Dollar 'Ambush'

The government has revealed that it is working on a new currency which will be introduced into the market soon.
The revelations were made by the Acting Finance Minister Sithembiso Nyoni during a post-cabinet briefing in Harare on Wednesday.
Nyoni said that the RTGS$ and bond notes will remain as the legal tender for all domestic transactions as pronounced by the government while the modalities for a new currency are being worked on. She said:
<blockquote>The Minister of Finance (Mthuli Ncube) has announced that we are going to have (a currency).
In fact, the President (Emmerson Mnangagwa) did announce when he was in Harare South (constituency) that we are working on having our own currency. We are working towards that.
But for now, the $RTGS/Bond note is the trading currencies. Our own currency is being worked on.</blockquote>
On Tuesday, the government promulgated Statutory Instrument 242 of 2019 which effectively re-introduced the Zimbabwean Dollar, while at the same time scrapping the multi-currency system.
<h4>More: <a href="https://www.newzimbabwe.com/new-currency-on-the-way-cabinet/" rel="noopener noreferrer" target="_blank">New Zimbabwe</a></h4>

Govt Working On Modalities For A Proper Currency

WATCH: Philip Chiyangwa Says Re-introduction Of Zim Dollar A Stroke Of Genius

The Reserve Bank of Zimbabwe (RBZ) has issued a directive banning cash withdrawals from all Foreign Currency (FCA) Nostro Accounts following the promulgation of Statutory Instrument 142 of 2019, which reintroduced the local Zimbabwe Dollar and scrapped the multi-currency regime.
Nostros/FCA holders will have to liquidate their balances to be usable in Zimbabwe.
What this essentially means is that if one earns USD, deposited into their Nostro account, they can’t draw the cash but will have to get it in Zim Dollar using that day’s interbank rate.
You can <a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019..pdf">download the full PDF document on this link</a>.
Or alternatively read excerpts from the directive below:
<a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-1.jpg"><img alt="" class="aligncenter size-large wp-image-105864" decoding="async" height="905" loading="lazy" sizes="(max-width: 640px) 100vw, 640px" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-1-724x1024.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-1-724x1024.jpg 724w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-1-212x300.jpg 212w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-1-768x1086.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-1-600x848.jpg 600w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-1.jpg 827w" width="640"/></a> <a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-2.jpg"><img alt="" class="aligncenter size-large wp-image-105874" decoding="async" height="905" loading="lazy" sizes="(max-width: 640px) 100vw, 640px" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-2-724x1024.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-2-724x1024.jpg 724w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-2-212x300.jpg 212w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-2-768x1086.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-2-600x848.jpg 600w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-2.jpg 827w" width="640"/></a> <a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-3.jpg"><img alt="" class="aligncenter size-large wp-image-105876" decoding="async" height="905" loading="lazy" sizes="(max-width: 640px) 100vw, 640px" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-3-724x1024.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-3-724x1024.jpg 724w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-3-212x300.jpg 212w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-3-768x1086.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-3-600x848.jpg 600w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-3.jpg 827w" width="640"/></a> <a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-4.jpg"><img alt="" class="aligncenter size-large wp-image-105878" decoding="async" height="905" loading="lazy" sizes="(max-width: 640px) 100vw, 640px" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-4-724x1024.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-4-724x1024.jpg 724w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-4-212x300.jpg 212w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-4-768x1086.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-4-600x848.jpg 600w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-4.jpg 827w" width="640"/></a> <a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-5.jpg"><img alt="" class="aligncenter size-large wp-image-105881" decoding="async" height="905" loading="lazy" sizes="(max-width: 640px) 100vw, 640px" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-5-724x1024.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-5-724x1024.jpg 724w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-5-212x300.jpg 212w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-5-768x1086.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-5-600x848.jpg 600w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-5.jpg 827w" width="640"/></a> <a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-6.jpg"><img alt="" class="aligncenter size-large wp-image-105884" decoding="async" height="905" loading="lazy" sizes="(max-width: 640px) 100vw, 640px" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-6-724x1024.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-6-724x1024.jpg 724w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-6-212x300.jpg 212w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-6-768x1086.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-6-600x848.jpg 600w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-6.jpg 827w" width="640"/></a> <a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-7.jpg"><img alt="" class="aligncenter size-large wp-image-105887" decoding="async" height="905" loading="lazy" sizes="(max-width: 640px) 100vw, 640px" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-7-724x1024.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-7-724x1024.jpg 724w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-7-212x300.jpg 212w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-7-768x1086.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-7-600x848.jpg 600w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-7.jpg 827w" width="640"/></a> <a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-8.jpg"><img alt="" class="aligncenter wp-image-105889 size-large" decoding="async" height="905" loading="lazy" sizes="(max-width: 640px) 100vw, 640px" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-8-724x1024.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-8-724x1024.jpg 724w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-8-212x300.jpg 212w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-8-768x1086.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-8-600x848.jpg 600w, https://news.pindula.co.zw/wp-content/uploads/2019/06/Exchange-Control-Directive-RU102-of-2019-8.jpg 827w" width="640"/></a>

Govt Bans Cash Withdrawals From FCA Nostro Accounts

Finance and Economic Development Minister Mthuli Ncube said that the re-introduction of the Zimbabwean dollar was done in order to avert spontaneous re-dollarisation.
Ncube stated that those with foreign currency will have to convert it to local currency at banks or bureau de change. He said:
<blockquote>It means that anyone who wants to buy goods from the shop or pay for services within . . . Zimbabwe ought to go to a bank, bureau de change or some other institutions to change their foreign currency into domestic currency and spend that whichever way they wish to spend. That’s what countries normally do, that’s what all countries do.</blockquote>
A Harare-based economic commentator, Gift Mugano supported the move, saying that re-dollarisation would create many problems for the economy. He said:
<blockquote>The policy makers saw that re-dollarisation is coming back and this was going to create a lot of problems since the economy does not have adequate resources to back dollarisation.</blockquote>
Another economic commentator, Persistence Gwanyanya said for this move to work, there must be confidence. Said Gwanyanya:
<blockquote>The framework is good but there must be confidence for it to work. Lack of confidence has been a huge challenge and if the Government is serious about this currency regime, there is a need to ensure confidence is restored.</blockquote>
<h3>More: <a href="https://www.chronicle.co.zw/new-currency-regime-averts-re-dollarisation/" rel="noopener noreferrer" target="_blank">Chronicle</a></h3>

'Re-dollarisation Would Have Created A Lot Of Problems'

It has been established that there are eight countries without their own currencies besides Zimbabwe, indicating the President Emmerson Mnangagwa was misled.
This follows President Mnangagwa’s remarks that Zimbabwe will soon have its own currency since it is the only country on the face of this planet that does not have its own currency.
However, there are eight countries without own currencies. These are:
<ol>
<li>Ecuador</li>
<li>East Timor</li>
<li>El Salvador</li>
<li>Marshall Islands</li>
<li>Micronesia</li>
<li>Palau</li>
<li>Turks and Caicos</li>
<li>The British Virgin Islands</li>
</ol>
Below is a tweet by Alpha Media Holdings reporter Nqaba Matshazi:
<blockquote class="twitter-tweet" data-dnt="true" data-width="550">
When you listen to propaganda and then start to believe it. Check Ecuador, East Timor, El Salvador, Marshall Islands, Micronesia, Palau, Turks and Caicos, British Virgin Islands <a href="https://t.co/R6fR0wvDjs">https://t.co/R6fR0wvDjs</a>
— Nqaba Matshazi (@nqabamatshazi) <a href="https://twitter.com/nqabamatshazi/status/1142691607868841984?ref_src=twsrc%5Etfw">June 23, 2019</a></blockquote>
<script async="" charset="utf-8" src="https://platform.twitter.com/widgets.js"></script>

'8 Other Countries Have No Currency Of Their Own'

In an opinion piece for the Zimbabwe Independent, Victor Bhoroma, a business and economic analyst said that Zimbabwe may have a new currency as early as September this year.
Bhoroma opines that the legal instrument used to introduce the RTGS dollar is temporary. He writes:
<blockquote>The introduction of the impending currency is largely necessitated by the fact that the legal instrument used to introduce the RTGS dollar is temporary with a specific timeline of six months from the day of the proclamation by the office of the president.
In principle, therefore, Zimbabwe would need to have local currency before the end of September 2019.</blockquote>
The analyst further argues that the The Exchange Control Regulations (Amendment) of 2019 (SI 32) and Presidential Powers (Temporary Measures) for (Amendment) of the RBZ Act and RTGS Electronic Dollars Regulations of 2019 (SI 33) meant that the RTGS dollar is legal tender in Zimbabwe though they do not prohibit the use of multiple currencies adopted in 2009.
This entails that multi-tier pricing in the local market is legal.
However, for a new currency to work, there are certain fundamentals that need to be in place. He continues:
<blockquote>The fundamentals that need urgent attention include; efforts to build confidence in the economy and in RBZ as a monitory authority, dealing with high government expenditure (average budget deficit of $2,3 billion from 2016 to 2018), dealing with rampant corruption, low agricultural and industrial production capacity which leads to recurring trade deficits and clearing foreign debt arrears through adhering to payment plans.
… Any currency introduced by the government will not sustain as long as key economic fundamentals that support economic growth are ignored.
… The new currency will meet the same fate faced by the Zimbabwean dollar, bearer’s cheques, bond note and the RTGS dollar.</blockquote>
<h4>More: <a href="https://www.theindependent.co.zw/2019/06/14/zims-currency-reforms-dilemma/" rel="noopener noreferrer" target="_blank">Zimbabwe Independent</a></h4>

Zim Could Have A New Currency Before End Of September - Analyst

The former Minister for Finance, Tendai Biti said that the government of Zimbabwe is set to introduce a new currency this week.
Biti made the claims earlier today and the Deputy Minister of Information and the Ministry itself issued statements dismissing the claims.
However, Biti reiterated his sensational claims on Monday evening, challenging the government’s position. He insisted that the new currency has already been printed. Wrote Biti:
<blockquote>The regime has been caught with pants down. It is a fact that a new currency has been printed and that negotiations are taking place now with major holders of cash It is fact that Cabinet has approved new currency despite paternity fight between John [Mangudya] and  Mutuvi [Mthuli Ncube]. Now please deny this.</blockquote>
Earlier today Biti said:
<blockquote>The regime will this week introduce a new Zimbabwe currency not backed by any #reserves &amp; without the context of structural reforms which a prerequisite of currency reform. That move is pure undiluted #insanity. An unbanked currency is just the #bond note by another name.
There is no country in the world that has involuntarily dollarized that has ever succeeded in de -dollarizing. Zim will not be the 1st. Whilst a currency is about fundamentals, ultimately the most important fundamental is confidence There is absolutely no trust in this regime.
Considering the <s>#</s>harm and <s>#</s>damage inflicted on this economy by its Central Bank over the years to now, the question to be posed is, does Zimbabwe really need a Central Bank? In my submission, it can and will do without one.</blockquote>
<h4>Related:</h4>
<ul>
<li class="entry-title">
<h4><a href="https://news.pindula.co.zw/2019/02/11/new-zim-currency-to-be-intoduced-this-week-tendai-biti/">New Zim Currency To Be Introduced This Week – Tendai Biti</a></h4>
</li>
</ul>

Biti Insists New Currency Has Been Printed, Says Govt 'Caught With Pants Down' Over New Currency Reports

The Ministry of Information and Publicity has rejected claims made earlier on Monday by former Finance Minister Tendai Biti that the government is set to introduce a new currency this week. Messages posted on the Ministry’s official Twitter page read as follows:
<blockquote>The government has noted with concern falsehoods coming from some political quarters claiming that Zimbabwe will issue new currency next week. This needs to be dismissed with the contempt it deserves. This has no base in fact or reality. It’s unfounded Fake News.
… Currency reform is going to happen and at some point, we will have our currency back. It’s just not going to be next week and it won’t be those photoshopped bearer old cheques.</blockquote>
<h4>Related:</h4>
<ul>
<li class="entry-title">
<h4><a href="https://news.pindula.co.zw/2019/02/11/govt-dismisses-bitis-statement-that-a-new-currency-will-be-introduced-this-week/" rel="noopener" target="_blank">Govt Dismisses Biti’s Statement That A New Currency Will Be Introduced This Week</a></h4>
</li>
</ul>

Govt Rejects New Currency Reports As 'Fake News'

The Deputy Minister for Information, Media and Broadcasting Services Energy Mutodi has dismissed the claims by former Finance Minister Tendai Biti that Zimbabwe is set to introduce a new currency this week.
Mutodi said that the Reserve Bank of Zimbabwe Governor, John Mangudya is still working on the monetary policy. Mutodi said Biti’s claims are false. Said Mutodi:
<blockquote>Hon. Biti has falsely claimed that the government will be introducing a new currency next week so as to cause panic on the market. The truth is the RBZ Governor is still working on the monetary policy. May the lawyer focus on what he knows best not economics.</blockquote>
Biti earlier in the day claimed that a new currency will be released this week. Biti said:
<blockquote>The regime will this week introduce a new Zimbabwe currency not backed by any #reserves &amp; without the context of structural reforms which a prerequisite of currency reform. That move is pure undiluted #insanity. An unbanked currency is just the #bond note by another name.
There is no country in the world that has involuntarily dollarized that has ever succeeded in de -dollarizing. Zim will not be the 1st. Whilst a currency is about fundamentals, ultimately the most important fundamental is confidence There is absolutely no trust in this regime.
Considering the <s>#</s>harm and <s>#</s>damage inflicted on this economy by its Central Bank over the years to now, the question to be posed is, does Zimbabwe really need a Central Bank? In my submission, it can and will do without one.</blockquote>
<h4>Related:</h4>
<ul>
<li class="entry-title">
<h4><a href="https://news.pindula.co.zw/2019/02/11/new-zim-currency-to-be-intoduced-this-week-tendai-biti/">New Zim Currency To Be Introduced This Week – Tendai Biti</a></h4>
</li>
</ul>

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