President <a href="https://www.pindula.co.zw/Emmerson_Mnangagwa" rel="noopener noreferrer" target="_blank">Emmerson Mnangagwa</a> on Wednesday vowed that his government will not abandon the Zimbabwe dollar for other currencies.
Mnangagwa made the remarks when he addressed a rally at Bumhira Secondary School in Nyanga North after having commissioned Nyakomba Irrigation Scheme earlier in the day. He said:
<blockquote>To prosper as a nation, we must have our own currency. We cannot develop and prosper without our own currency. They may plot to destroy our currency, whatever they do, let me make it categorically clear — we will not go back on the currency issue.
We will continue until our currency stabilises and strengthens. It is only with our local currency that we can develop as a nation.
The American currency can only develop America, the Rand can only develop South Africa, the Pula can only develop Botswana, the Kwacha can only develop Zambia and the metical can only develop Mozambique.
And in Zimbabwe, can we continue to depend on other people’s currencies? No. We will continue to promote our own currency.
The Zimbabwe dollar was reintroduced over a year ago as the “<a href="https://www.pindula.co.zw/RTGS_Dollars" rel="noopener noreferrer" target="_blank">RTGS Dollar</a>” and was initially used alongside other currencies.</blockquote>
However, in June the government banned the use of other currencies, making the Zimbabwe dollar the sole legal tender.
The local currency has been losing value alarmingly with some government departments demanding payment for services in foreign currency.
<h4>More: <a href="https://www.herald.co.zw/no-going-back-on-land-reform-zimdollar/" rel="noopener noreferrer" target="_blank">The Herald</a></h4>

Pindula News

'Zimbabwe Dollar Is Here To Stay Whether You Like It Or Not'

Former Finance Minister, Tendai Biti, opines that the value of the RTGS$ to the US dollar will be 15:1 by August this year.
Biti chided President Emmerson Mnangagwa for his remarks that the local currency is the strongest in the entire SADC region. <a href="https://twitter.com/BitiTendai/status/1140282646754463744" rel="noopener noreferrer" target="_blank">Said Biti:</a>
<blockquote>In August 2019 the RTGS$ will trade 15:1 to the US$ There is no production yet consumption levels are huge.
To, therefore, claim that Zimbabwe has the strongest currency in the region is both zany and unscientific . Those who have authored these crises should simply zip their cartel mouths.
It will be impossible to turn around this economy without a resolution of the political crises. No amount of lies and tampering will alter this fundamental fact.
The sooner the cartels, muppets and mafia mis-running this country understand this the better.</blockquote>
While speaking during a live interview on a local radio station on Friday night, Mnangagwa sensationally claimed that the RTGS Dollar is unnecessarily stronger and should be devalued to make Zimbabwe’s exports more competitive.

'The RTGS$ Will Be 15:1 To The US Dollar By August'

<blockquote>It is now 5 weeks since the Monetary Policy was announced on 20 Feb. During this period, as we foresaw market disequilibrium has increased with the parallel exchange rate firming up to 4.5.T he fixed exchange rate of 2.5 has failed &amp; foreign exchange shortage is huge.
Foreign exchange shortages have seen the return of massive fuel queues across the country. So too are shortages of drugs in hospitals. The disastrous refusal to pay tobacco farmers full US$ auction prices is a by-product of the failed cataleptic Monetary Policy Statement.
The RTGS$ is a failed fraud. One can not have an unbaked currency in the context of a terrible current account deficit where import reserves are less than a week’s cover. RTGS$ is a serious devaluation of people’s savings. It is voodoo economics from a clueless cruel cult.
The solution lies in re-dollarizing the economy protecting people’s balances, scrapping the RTGS$ idiocy &amp; joining RMU in the long term Solution lies in dealing with the crises of legitimacy, of confidence &amp; trust deficit. Emmerson &amp; his lot have failed &amp; failed absolutely.</blockquote>
Related:
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<a href="https://news.pindula.co.zw/2019/02/25/biti-calls-mangudya-mnangagwa-highway-robbers-and-bandits/" rel="noopener" target="_blank">Biti Calls Mangudya, Mnangagwa Highway Robbers And Bandits</a>
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