HomeNewsMPs seek to compel govt to introduce new currency

MPs seek to compel govt to introduce new currency

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TWO Zanu PF MPs plan to move a motion to compel government to introduce new currency measures to protect domestic industry when Parliament resumes next week.

by VENERANDA LANGA

Makhosini Hlongwane (Mberengwa East) and Oliver Mandipaka (Buhera West) gave notice in March to introduce the motion in the National Assembly which is likely to attract heated debate as some people feel introducing the Zimbabwean dollar will be detrimental to the economy.

Hlongwane, whose motion will be seconded by Mandipaka, wants to argue before the House that they were alarmed by the negative impact on industry of a strong United States dollar against Zimbabwe’s main regional trading partner currencies.

“We are concerned by the absence of Zimbabwe’s own local currency to drive economic growth and to protect the domestic industry, especially the manufacturing industry, and worried by the loss of jobs attributable to the strength of the US dollar against regional trading partner currencies,” the notice of motion read.

“We are disturbed by the high cost of doing business in Zimbabwe, particularly the high cost of production as a result of the strength of the US dollar, and further disturbed by the inability to control and direct monetary policy owing to the absence of own currency.”

In their arguments, they said they would press Parliament to compel the Executive to introduce bold and definitive currency reforms, as well as to take steps to deal with the cost of doing business environment.

“We want the Executive to introduce currency measures to protect domestic industry, and further introduce currency measures to stimulate growth of the economy as well as local demand. They should put in place measures that will enable it to control and direct monetary policy to assist exports and Gross Domestic Product (GDP) growth,” they said in their joint notice.

Zimbabwe abandoned its currency in favour of a multi-currency regime in February 2009 after it became useless paper due to a massive hyper-inflation.

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