Dollarisation new normal: Mangudya

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BY NDAMU SANDU IN ABIDJAN Ivory Coast

Dollarisation is Zimbabwe’s new normal, Reserve Bank of Zimbabwe (RBZ) governor John Mangudya said yesterday, rebutting claims of the return of the banished local unit.

The Zimbabwean dollar was rejected by citizens in the hyperinflationary period of 2007 to 2008. It was officially banished when the country adopted a basket of multi-currencies in 2009.

Speaking to NewsDay on the sidelines of annual meetings of the African Development Bank (AfDB) Mangudya said calls for the return of the local unit were being made by people “trying to undermine the monetary authorities and the government”.

“It’s not called for as there is no basis for introducing the Zimbabwean dollar. We have said it many times that dollarisation is our new normal,” Mangudya said.
“We need to pray for such people to remove them from fear and the spirit of causing alarm and despondency.”

Mangudya’s comments come amid claims on social media that the banished local unit would be retrieved from the grave by 2016 and that printed notes were already warehoused at secret locations ready to be disbursed.

The claims say the introduction of the bond coins last year was to test the waters. Last year, RBZ introduced bond coins to help with change and ultimately lower prices.

The bond coins have managed to achieve that. The introduction of the multi-currencies is credited with stemming hyperinflation and laying the foundation of economic revival. Zimbabwe managed to come out of a 10-year recession. Experts say the use of multi-currencies has forced Zimbabwe to live within its means as it cannot resort to the printer to finance burgeoning needs –- the template used during the Zimbabwe dollar era.

9 COMMENTS

  1. An untrusted government and system will ALWAYS be dogged by these kind of things. Hence the chief banker is resorting to excorsim to cure the problem. The issue is simple…this government is heavily untrusted. They want to be trusted but refuse to be and to do what it takes to be trusted.

  2. Where else on God’s green earth has the reserve bank boss ever told people about his intentions like devaluations, interest rates and so on in advance. Its a recipe for a disaster not so? Now if anyone believes what this guy is saying about the Zimdollar return then that person or group will need to see a good head doctor known in street parlance as shrink. The Zimdollar is creeping back…look around you.

  3. I think we need to withdraw our money because once they introduce the zimdollar we will not be allowed to withdraw our money in USD otherwise you will be asked endless questions. We have experienced this before and this time around I m putting my money in the pillow case.

  4. Bring back Zim dollar, bring back Zim dollar..we want to be qudri-trillionares once more. We want to burn mon ey again. To hell with these lousy US$ notes…tumarengenya.

    NEVER trust this Mangudya thing!!

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  6. We need our own currency that we can control otherwise we remain a consumer economy. Its very unfortunate we cannot trust anyone with that. Ma Vendor achawandisa. This dollar is making manufacturing very expensive. Its now cheaper to import almost anything than making it here in Zim, for example our staple food maize is about $200 in Zambia and SA whereas farmers here are not happy to produce at nearly twice that price.

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