Source: It’s too late to adopt rand: Biti – DailyNews Live
Blessings Mashaya 29 March 2017
HARARE – Ex-Finance minister Tendai Biti has said it is too late for
Zimbabwe to adopt the South African rand as a dominating currency.
Writing on his Twitter account, the opposition People’s Democratic Party
(PDP) leader said: “Too late to adopt rand. Economy now in so much
disequilibrium without reforms Zanu will bastardise the rand as they have
the Zim$ &the US$.”
Adding: ” . . . foreign direct investment (FDI) is not flowing into
Zimbabwe because of toxic and predatory Zanu PF politics . . . remove Zanu
PF and billions will pour into this economy”.
“Let’s rebuild productive base and build reserves of at least $9 billion.
We maintain regime of multi-currencies for now,” Biti said.
His sentiments come after Reserve Bank of Zimbabwe (RBZ) deputy governor
Kupukile Mlambo last week said rand would benefit the country, presently
battling an acute cash crisis and help alleviate cash shortages.
Mlambo pointed out that the central bank would prefer the South African
currency – which firmed 0,6 percent against the dollar on Wednesday just
off the 20-month high reached earlier this week – to be Zimbabwe’s
dominant currency, following hints by President Robert Mugabe in a recent
interview that the country needed to adopt the rand.
Presently, South Africa remains Zimbabwe’s biggest trading partner. In
the first two months of the year, Zimbabwe registered a trade surplus of
$14 million against South Africa with imports worth $171 million making
their way into the country compared to exports of $185 million.
Over three million Zimbabweans who have migrated to neighbouring countries
remitted an estimated $450 million in the first nine months of 2016 alone.
Various business quarters have been lobbying government to formally adopt
South Africa’s currency as the country’s formal trading exchange.
In his 93rd birthday interview, Mugabe said the country should adopt the
rand to mitigate severe liquidity and cash challenges.
“Well, I don’t know why the ministry of Finance, together with the Reserve
Bank, have not wanted to use other currencies. I have asked actually again
and again kuti (that) why not have euros, why not have yen, why not have
rand alongside the dollar?”
COMMENTS
No-one has yet explained how the rand would ‘benefit the country’ – or where they would suddenly appear from.
Biti is right – there is no investment coming to Zim until Zanu PF is out, and then the money will flow into the country big time. There will be sufficient to build a prison big enough to house all the Zanu thieves.
When Gabriel was teching at Plumtree people where leaving school crossing to South Africa coming back with bicycles. When it’s about time to meet his creator all must adopt the Rand ,this idiot just realised now what people of Plumtree saw it coming nearly a century ago,What those diplomas you claim to have are for what ?
Reason why Zanu PF did not want the Rand and opted for Bind Notes is simple. How would they have stollen our money from the system? Would have been impossible. The only time you may see the Rand issue gathering pace is after they secure the 2018 elections, and some fool will begin to behave like they are coming up with something new only to look like our saviours!!!
If they introduce the Rand, then you must open up a new bank account – and designate it for Rand only. Otherwise the bank will one day liquidate your US$ nominated account into a volatile Rand account. If you want to bank US$ then do it into your current account , and deposit Rand into your ‘new’ account to hopefully mitigate the Zuma-inspired exchange rate. Zuma is just like Mugabe – be warned.
Convert to Rand and then South Africa will rule Zimbabwe as another province. Enter Jacob Zumba as the de facto leader of Zimbabwe! What next? The printing press will then be in Pretoria!! Of course The Empire also got very cross with Paul Kruger and Francis Reitz when they had their own printing presses and a seemingly unlimited supply of gold – Enter the Boer War!! Mugabe can then have as many mistresses as he chooses and fly around the world in an SAA Jumbo Jet! This will be the ultimate achievement for a President and a Zanu Entourage that have literally gone bonkers! May be they can still surprise us all over again with another new level of Bonkerism? Grace evicting the poor in the Mazowe valley is a great start?
We want the rand to save our families not to keep the rich up there remember it is the same Biti who rejected the rand at the introduction of multi-currency now all the USdollar is in Japan for used cars yet we had SA with better second hand cars to maintain , we have very selfish politicians who decide stupid policies for the toiling masses
I wouldn’t buy a used car from Tendai Biti let alone take his economic advice. Another career politician steeped in cultural Marxism with no understanding of entrepreneurship. Zimbabwean voters deserve better from people seeking their vote.
zimbos are all sheep for the slaughter being taken for a ride by these filthy rich zanundroid politicians scumbags,also the opposition here it’s like it’s being controlled ,don’t base your believe in politicians