Mnangagwa hints on Zimdollar return

PRESIDENT Emmerson Mnangagwa on Saturday hinted on plans to reintroduce the Zimbabwe dollar to curb the current cash shortages.

By NQOBANI NDLOVU

Addressing a Zanu PF campaign rally in Bulawayo, Mnangagwa said the grinding cash crisis could only be resolved by introducing a domestic currency.

“Next issue is the question of cash availability in our banks. Our Zimbabwe dollar collapsed in 2008 and 2009. We then adopted a basket of currencies − the South African rand, the United States dollar, the British pound, the Euro and so on,” Mnangagwa said.

“Initially, the US dollar and the rand accounted for 40% each and the other 20% was the balance of other currencies. As time went on, the US dollar became dominant.

The US dollar today takes about 90% of our transactional activity in the economy. We have no control over the US dollar, it is time that we must adopt our way of restoring the dignity of our country by creating our own currency,” he added.

The Zimbabwe dollar was dumped in 2009 after years of hyper-inflation, paving way for the multi-currency system supported by the country’s own surrogate currency – bond note − which has also become scarce on the market.

The reintroduction of the Zimbabwe dollar has remained an emotive issue among citizens who experienced the hyperinflationary environment that peaked in 2008 when the largest – and only usable – banknote was Z$10 trillion.

Bond notes were introduced in November 2016 to ease an acute cash shortage and are backed by a $200 million African Export Import Bank facility.

The surrogate currency has, however, failed to address the bank note shortage.

16 Comments

  1. viruss vigoroso

    honestly we need to have our own currency that can be accepted on the international market. thumbs up ED…

  2. SLOWLY BUT SURELY ZIMBABWE IS GETTING BACK ON TRACK… IM LOVING THIS

  3. shumba ikuziita zvinhu… famba nebasa chikomana

  4. Tongai baba munogona imi. In you we trust; we have a lot of confidence in your leadership prowess.

  5. Dombo Rakaomarara

    we warmly welcome that idea from our government leader it is a great idea since the economy of one’s country should be stable in the helm of its currency.

  6. Chisingapere blade

    Yeah surrogate currency is surely failing the zim ulcer

  7. ed kumberi guyz vote for him

  8. Yes we need our own currency that we can control.

    1. @Django need own currecy tht we can control? yet we are even failing to control our own bondnotes.To be honest with you and shallow mind people like you, the solution is to VOTE CHAMISA MDC ALLIANCE

  9. That’s the best alternative to tuckle the cash crisis bringing on our currency it will go a long way in defining our economy in the intwrntional market.

  10. Comment…we don’t hate people, but sometimes it’s wise to choose the best things than better things. If we are really concerned about the future of our economy, #ED. economists, Eddie Cross said Mnangagwa is an operator. He meant we are in another era. An era of economic development. Am only 34 years old and I don’t feel sorry why l am in the #ZANU PF under President Mnangagwa, a lion of Chirumhanzu who came like a storm to restore order in Zimbabwe.

    1. Lets give Mnangagwa a chance and see what he got for us. Viva Zimbabwe lets restore our identity and economy and be the read basket again.

  11. Comment…ED woyeeeeee
    papmberi Nevada.

  12. Comment…ED woyeee

    papmberi Nebasa

  13. Let us give ED a chance to continue as president. He is a mature person and truly embarking and embracing peace for a new Zimbabwe. We need our own currency and I am in support of Zim dollar return. Please make it fast my president.

  14. Tenderson Nyamayedenga

    I give my support to ED. He is mature and responsible. Let us give him a chance. The faster you bring Zim Dollar back the better for our country. it is better to have our currency and work to improve it than the current situation.

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