Zimbabwe warns firms on multi-currency system

via Zim warns firms on multi-currency system – DailyNews Live 24 APRIL 2014

Zimbabwe has urged firms to capitalise on the multi-currency system by boosting exports, warning that the scheme will eventually be abolished.

Mines minister Walter Chidakwa said the system – dominated by the United States dollar – will not stay forever and “there is need to make alternative plans”.

In 2009, Zimbabwe abandoned its currency, ravaged by galloping inflation topping 231 million percent, to adopt various currencies including the South African Rand, Botswana Pula and Euro among others.

“No one knows for sure when the multi-currency system will be scrapped, but the few Zimbabwean companies still manufacturing need to start increasing their export volumes,” Chidakwa told a Special Economic Zones workshop recently.

“Increasing export levels will provide a cushion when the multi-currency system is abolished. A rainy day is definitely coming and,” said Chidhakwa.

Recently, the Reserve Bank of Zimbabwe (RBZ) widened the multi-currency basket to include four more foreign currencies.

Currencies of China, India, Japan and Australia were added.

Meanwhile, Finance minister Patrick Chinamasa last year said Zimbabwe will continue using the multi-currency system for the next five years.

According to Zimbabwe Statistics agency, the country’s trade deficit 2013 widened to $3,89 billion in the year to November 2013.

During the period imports stood at $7,15 billion dominated by fuel, fertilizers, second-hand car imports and textiles.

Exports, mainly minerals and tobacco, were $3,25 billion.

 

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14 comments on “Zimbabwe warns firms on multi-currency system
  1. Roving Ambassador says:

    Terror tactics and scaremongering is what ZANU is resorting to. This is reminiscent of clueless bullies.

  2. Little Dorrit says:

    Govt diamond firms, overpaid executives and connected companies and individuals
    must account for and repatriate all forex from 1980 upwards. Minister is REMINDED that forex belongs to the Persons who EARN it – Govt does not have a pre-em

  3. Little Dorrit says:

    Sorry – govt does not have a Pre-emptory right to our forex. Are they trying to “condition” the public? Seems the purse is running dry?

  4. Chaka says:

    Clearly it shows that this gvt is clueless. Our only power is in the vote against zpf. Then fight for free and fair if rigged.

  5. John Thomas says:

    ZANU people hear this. Business people are not village stupids who can be forced to chant slogans. No amount of threats can force a company to export. Chidakwa go and play with yourself. That is all that you are good for

  6. Mukanya says:

    Chidakwa akadakwa

  7. zizirinenyanga says:

    These morons, ngavatipe nyika tivatungamirire isu..

  8. Stay Well says:

    Called To Sanctify .
    Friday, April 25th .

    But of him are ye in Christ Jesus, who of God is
    made unto us wisdom, and righteousness, and
    sanctification, and redemption (1 Corinthians
    1:30).
    What a profound scripture. It says, besides
    wisdom, righteousness, and redemption
    (riddance), Christ is also made sanctification to
    us. The word “sanctification” refers to the act or
    process of making holy or setting apart unto
    God for His eternal purpose. It’s translated from
    the Greek word “hagiasmos,” which means, “a
    purifier.” So, the sanctifier has come to live in
    you. Christ is not there trying to sanctify you;
    no! He has sanctified you, and continues to
    sanctify everything you do. He’s your separator;
    He has separated you from the rest of the world,
    from sin and evil, unto the glorious liberty of the
    sons of God.
    Yesterday, we learnt about activating wisdom
    by speaking wisdom; in the same way, you’re
    also required to speak your sanctification, that
    is, words that cleanse. That’s why the Apostle
    Paul said, “For every creature of God is good,
    and nothing to be refused, if it be received with
    thanksgiving: For it is sanctified by the word of
    God and prayer” (1 Timothy 4:4-5). You can
    purify or sanctify anything that belongs to you
    with the Word of God and prayer.
    The Lord Jesus said in John 15:3, “Now ye are
    clean through the word which I have spoken
    unto you.” Christ has gone to heaven, and we’re
    the ones bearing those wonderful cleansing
    Words to our world today. As we speak, people
    are purified; they’re cleansed, and moved from
    one level of glory to another! 1 Corinthians 2:13
    says, “Which things also we speak….” We’ve got
    to keep speaking words of blessings, to cleanse
    and sanctify our environment and our world.
    You’ve been called to an extraordinary life of
    beauty, of glory, and of a supernatural walk with
    God, because Christ—the sanctifier—is in you!
    He’s one with your spirit now (1 Corinthians
    6:17); and through you, He’s carrying out His
    ministry of sanctifying all things to Himself.
    Prayer
    Dear heavenly Father, I rejoice today in Christ,
    who is my sanctifier! I thank you for sending
    Jesus to bear my sins, present me holy and
    unblameable before you, and make my life
    beautiful! Thank you for making me the very
    epitome of your grace, and the testimony of
    your love and goodness, in Jesus’ Name. Amen.
    Further Study: Colossians 1:27 To whom God
    would make known what is the riches of the
    glory of this mystery among the Gentiles; which
    is Christ in you, the hope of glory: ;
    1 Thessalonians 5:23 And the very God of peace
    sanctify you wholly; and I pray God your whole
    spirit and soul and body be preserved blameless
    unto the coming of our Lord Jesus Christ.
    Daily Scripture Reading
    1 Year Bible Reading Plan: Luke 21:5-38,
    1 Samuel 23-25
    2 Year Bible Reading Plan: Romans 15:20-33,
    Psalm 131-132

  9. bingo wajakata says:

    Got hard currency in a Zimbabwean bank? Well you either are stupid, crazy or worse because these are the small but loud bells warning of the inevitable return of the Z$. There are those who are good at crying foul but once bitten twice shy so if you get bitten again its because you wanted to get bitten.

    • roving ambassador. says:

      ON the button man. Imagine what they can make when they ‘buy’ all the hard currency floating around. Be warned. And be very afraid.
      Remember when we woke up and everything was half price.
      Thats Zanu for you.

  10. Ritchie says:

    I personally have tried to export some mining equipment manufacturered in Zimbabwe. It is the most laborious task ever.

    You would think the government would make it easy to export but so far it has taken a month and we are still not any closer to exporting the goods.

    We were actually taken to task by the ministry of industry contact about why we were exporting equipment and not selling it locally!!

  11. Gomogranny says:

    A rainy day is coming? Is that what he thinks? Has he not been outside in the last 14 years….if he had he would have noticed that it’s been pissing down like the floods of Noah’s time in Zimbabwe…..rainy day coming? Listen you fool we have grown fins in Zimbabwe, that rainy day is the status f……g quo. Go drown yourself and keep your greedy mitts off our few soaked US$!

  12. BLESSING says:

    PLEASE WHAT NONSENSE ,THE MOST DIFFICULT COUNTRY IN THE WORLD TO RUN A BUSINESS IN AT PRESENT.DEFINITELY NEVER WILL BE.JUST TOO CORUPT CANT KEEP UP WITH SIMPLE THINGS LIKE POWER.

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