Zim now back to normalcy: ED - Zimbabwe Situation

Zim now back to normalcy: ED

Source: Zim now back to normalcy: ED – NewsDay Zimbabwe June 26, 2019

BY Wisdom Mdzungairi

PRESIDENT Emmerson Mnangagwa has said the demise of the multi-currency payment system on Monday was indicative of the country’s new financial trajectory as it prepares to launch its own currency by year end.

The surprise move came a few days after Mnangagwa told journalists that the country would have a new currency by March 2020.

Speaking at the ongoing African Union-United Nations Wildlife Economy Summit in Victoria Falls yesterday, Mnangagwa said: “What I said in Mozambique was indicative of where we wanted to go. (And) what happened yesterday (on Monday) shows that Zimbabwe is back to normalcy by introducing its own currency. Our currency is denominated in coins, RTGS and bond notes.”

He admitted that the move would cause some confusion on the market in the first few days as the market adjusts to the new currency regime.

“The question should be: Are we doing the right thing or not? I think we are on the right path. If you see us doing what we’re doing, it means that fundamentals are already in place, or we are working towards that. We have not outlawed any currency. We have said if you want to trade in this country, use our local currency,” he said.

In a Government Gazette published on Monday, Finance minister Mthuli Ncube said the British pound, US dollar, South African rand, Botswana pula and any other foreign currency whatsoever shall no longer be legal tender alongside the Zimbabwe dollar in any local transaction.

Some business owners said the sudden change would result in goods disappearing from retail shops.

Critics say if the new measures were to stabilise the country’s economy, it would be good for the people, but they doubted that things were being done the right way.

COMMENTS

WORDPRESS: 5
  • comment-avatar

    Who is ED trying to kid? Does he really expect to fool anyone? He has been SUCH a disappointment. Wait for inflation to skyrocket again like it did in 2008. The definition of insanity is doing the same thing and expecting different results… that makes these guys insane….

  • comment-avatar
    Doris 3 months ago

    What is he smoking?

  • comment-avatar
    Despondent Citizen 3 months ago

    Is it too much to expect to have a currency that at least one other country in the world would accept as payment before introducing such measures?

    Is it too much to expect to be able to purchase the required foreign currency at the bank in order to pay international suppliers before such measures were introduced?

    Is it too much to ask to have some stabilization in the local currency and economy before outlawing trade in currencies that still retain their value even after you cross the Zimbabwean border?

    Sure in Zimbabwe you can go to any bank and change US$, Pounds or Pulas into Zimbabwe Dollars, but in which bank in which country outside Zimbabwe can you go to in order to change Zimbabwe Dollars into another currency?

    Never mind running before walking, we’re just going straight to flying!

  • comment-avatar
    Mukanya 3 months ago

    Normalcy is found in the Dictionary ED!!

  • comment-avatar

    How can he say that everything and I mean everything in the shops have gone up. I wish ED will admit he has failed. All this forex drama is to benefit themselves. When will Zanu genuinely think of the people. Yes the leapord can’t change.