Fidelity deny printing Zim Dollars

via Fidelity deny printing Zim Dollars — Nehanda Radio By John Kachembere

Reserve Bank of Zimbabwe subsidiary, Fidelity Printers Limited (Fidelity), says they have not yet been instructed to print the Zimbabwean dollar, amid reports that the central bank’s printing company had recalled all contract workers.

The Zimbabwean Dollar, left, made up of various denominations held with a twenty South African Rand note, right, in Harare, Zimbabwe.

This has led to speculation that the Zimbabwe dollar could bounce back as the liquidity crunch continues to hit the nation.

“From time to time when the need has arisen, the company has over the years relied on contract staff, including former employees and will continue to do so,” said Terence Machawira, Fidelity’s legal counsel, in written responses to the Daily News.

“The issue of staff recalls in preparation for the resumption of currency printing that you have alluded to is news to us,” he said, adding that the resumption of use of local currency was the prerogative of government.

“As a high security printing company, we remain prepared and continue to seek currency printing business both locally and globally,” he said.

The southern African country ditched its local currency in 2009, after it had been rendered useless by hyperinflation which peaked at 231 million percent, in favour of a basket of multiple currencies that includes the United States dollar, South African rand and the Botswana pula among others.

Talk of Zimbabwean dollar return evokes sad memories for the majority of people in the country who lost their life earnings with the introduction of the multiple currency system.

At the height of the hyperinflation, the country became almost idle as industries closed down, while multi-national companies relocated to neighbouring countries and most local businesses were just operating at a loss.

The unemployment rate rose to over 80 percent and over three million people reluctantly left the country for menial jobs in neighbouring countries.

Although the new government has repeatedly tried to calm the market by dismissing rumours of an imminent return of the local currency, speculation has been rife that the Zanu PF-led government might prematurely re-introduce the discarded currency.

Speaking at the pre-national budget conference in Victoria Falls recently, Finance Minister  Patrick Chinamasa ruled out the return of the Zimbabwean dollar and said he did not want to hear any more questions about the local currency.

“The multi-currency system will remain for the next five years,” Chinamasa said.

“I do not want to continue being asked that question. It is going to be a multi-currency regime.

“The multi-currency system will be the form and basis of our programmes for the next five years.  Let that be clear to everybody. We might actually add more currencies to the cocktail of the currencies we are using now, depending on how that currency will be benefiting the country.”

However, the former liberation movement indicated in its manifesto that it was keen on bringing back the currency.

Economic analysts are of the view that the economy will not recover under the current multi-currency system, as the US dollar has proved elusive for most Zimbabweans.

However others insist that the immediate return of the Zimbabwean dollar will be disastrous given the prevailing environment.

The Zimbabwe National Chamber of Commerce (ZNCC) recently called on Chinamasa to unambiguously assure the nation that there will be no immediate return to the Zimbabwe dollar or resorting to any local currency as a precondition for efforts to boost waning investor confidence.

In its submissions towards the 2014 national budget, the industrial body said issues relating to currency reforms were very crucial in determining the nature, tenor and quantum of foreign investments and foreign lines of credit the country could lure.

“As part of the all-important confidence building process, we urge you honourable minister to be very clear with regards to government’s view of the multiple currency regime and categorically state that there will be no immediate return of the local currency,” ZNCC said in the statement.

“In addition to that, we implore that you, honourable minister, spell out the pre-conditions necessary for the re-introduction of the local currency. This is important in bringing certainty around possibilities on immediate currency reform.”

In order to dispel any such speculation on the possible near-future re-introduction of the local currency in the minds of the general public and investing community, ZNCC said, Chinamasa should state the model on which a local currency would be introduced. Daily News

 

COMMENTS

WORDPRESS: 12
  • comment-avatar
    maisokwazo 7 years ago

    Good at denying is ZANU PF’ mantle piece. Correct me if I am wrong. Look at the History of ZANU – liars, lying, cheating murdering, fear- mongers and thieves.

    If Fidelity Printers recalled contract workers then it is quite obvious they are recalled to print ZIM dollllllllars.And they never seem to learn these dictators.They still marvel at making the populace of Zimbabwe suffer and cherish in their suffering.

    If the Zim dollar brought suffering and misery to Zimbabwe before and did not work then, what makes the reprinting the same have any difference? What mechanisms have been put in place to make the Zim dollar an acceptable currency of exchange. MADNESS at its worst. Go ahead print your Zillions and condemn Zimbabweans to their doldrums.

    All we need right now is to shun any effort to tread the same road travelled before. Mugabe does not have anything to offer Zimbabwe except shame, shame, shame, and shame.
    And since Zimbabwe have chosen to tread the non violent path for regime change passive resistance can do the trick. Shun their corrupt ways Masiyiwa did and is now a billionaire. That Mugabe regime has never been for the people and cooperating with them working in their stolen farms snd factories for a meagre pay or non payment and inhumane treatment is but retrogressive. Shun their businesses shun participating in any of their activities, South Africans did that to the apartheid regime and the regime collapsed without much bloodshed and we can also do so in Zimbabwe because dancing to ZANU tune is and will be the perpetuation of Zimbabwe suffering and isolation without any solution in sight.

    No matter how many zillions will be or can be printed or no matter how the face of indeginisation may take or is presented Zimbabwe shall remain a laughing stock in the world. MARK MY WORDS!

  • comment-avatar
    Kalusha 7 years ago

    If things fail whylist using USA dollar,then it will be disaster if we return to zim dollar at this stage

  • comment-avatar
    Nyoni 7 years ago

    One question puzzles me. Is the current minister of finance a qualified ecönomist, accountant etc or just a mere opportunist like the rest. At this time when the country needs proper visionaries we are lumbered with charlatans.

  • comment-avatar

    Let zpf bring back MDC T insteady of zim dollar

  • comment-avatar

    Of course it’s returning. The criminal cabal has no choice. It’s dug such a big hole. But hey guys stop moaning!! Rejoice cos its gonna be the destruction of zanupf but not our nation. There won’t even be a rigged 2018 erections. No need for academic naive gossip on this non event mugabe succession issue. Wake up. Be realistic. There wouldn’t have even been a nikuv erections 2013 if naive mdc tsvangirai hadn’t rescued mugabe in 2008. Zanu thieves can’t rig the gono/china-masa dollar to save them. The economy and not stupid erections will throw the bogus liberation party into dustbin oblivion. As a very short term inconvenience you should embrace the zimdollars as the end finally of a terrorist regime

  • comment-avatar
    Dayford 7 years ago

    It will be economic suicide bringing back the Zim dollar now.

  • comment-avatar
    n nicholas 7 years ago

    due to this economic hardship in the country local currency should not be introduced

  • comment-avatar
    chilimanzi 7 years ago

    There is no smoke without fire.

  • comment-avatar
    Rwendo 7 years ago

    One of the disconcerting differences between ZANU-and-the-Zim dollar before 2008 and ZANU-and-the-Zim dollar after 2013, is access to real money, diamond dollars.

  • comment-avatar
    munzwa 7 years ago

    lets put it this way: any one of you ( civil servants or anyone else)come into my shop and want to pay with Zim$..no way not even interested in any exchange rate….Govt will have to legislate that we have to accept these notes then i close my shop!!!comprende??

  • comment-avatar
    maisokwazo 7 years ago

    I concur with all comments above but the sad aspect of it all is them ZANUIOD never learn and sre never prepared to learn coz they are benefiting from chaos and are prepared to see Zimbabwe reduced to oblivion as they plunder and destroy Zimbabwe with the help of their Chinese counterparts the damn Chinese the hypocrites and plunderers of other people resources.

  • comment-avatar
    Nick Collis 7 years ago

    Revenger Avenger right on the money!