No early return of Zim dollar — Gono

August 7, 2013 in Business, News  | The Zimbabwe Independent 

RESERVE Bank of Zimbabwe governor Dr Gideon Gono has assured Zimbabweans the government had no plans to reintroduce the Zimbabwean dollar in the near future.

The statement, issued after a spate of panic withdrawals by depositors, as a reaction to Zanu PF’s win in last week’s general elections, was meant to calm the market after uncertainty caused the Zimbabwe Stock Exchange to trade in the negative on Monday and Tuesday.

President Robert Mugabe intends to bring back the Zimbabwean dollar during his reign, as one of the ways to salvage his legacy. He has however said the return of the local currency would not be rushed.

“This statement serves to emphatically dismiss those rumors and to confirm that there are no plans whatsoever, within and outside the Bank, for the immediate or near-term introduction of new currency or re-introduction of the Zimbabwe dollar into our system,” said Gono.

“As late as last week, at a press conference, His Excellency the President clarified this issue, for the umpteenth time, stating the same position as we are alluding to above and adding that ‘when the time comes, we will be very cautious and gradual about it’.”

Gono said, when eventually introduced, the Zimbabwean dollar would circulate alongside the currencies currently in circulation. He however said the multi-currency system would continue for the foreseeable future.

He warned speculative behavior could result in the resurgence of the country’s economic woes.

“While the hyper-inflation challenge is now a thing of the past, a number other deep-seated challenges which bedeviled the economy prior to 2009 are still with us, hence the need to stay the course,” said Gono.

“Accordingly, market players and the banking community are urged to stop panicking and instead, get on with their board-room strategies aimed at prospering their companies and selves in the wake of the new political realities which have been ushered in by the recently concluded harmonised elections.”

via No early return of Zim dollar — Gono | The Zimbabwe IndependentThe Zimbabwe Independent.

COMMENTS

WORDPRESS: 4
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    Garikai 7 years ago

    Mr Gono after so many of your previous assurances it is diffict believe you. I advise those with their US$ in the banks to keep them at home. One day you could be a money changer!

  • comment-avatar

    PEOPLE JUST WITHDRAW AND MAKE YOUR HOME YOUR BANK. ndatenda

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    When we last had the Zimbabwe dollar, Gono was simply printing money for the cost of paper and ink. He was then using this Mickey Mouse money to mop up all the real money in the country for his own use. And did he not print himself wads of it to ‘buy’ all his farms and businesses? He and his cronies could change a couple of U$s for a heap of Zim$s at the street rate, take them to the Reserve Bank and change them back into U$s at the ‘official’ rate and make thousands of percent on the deal. This facility was of course only available to ZanuPf fat cats. This practice is more normally described as theft, fraud or counterfeiting. He has richly earned himself the name Giden Gn. This is quite funny, but what is not funny is the pensioners who he has left absolutely destitute including many black teachers and other civil servants.