Leader of the recently formed Ideas Party of Democracy will Hebert Chamuka has made a passionate plea to President Emmerson Mnangagwa to redollarise in order to restore confidence in the Zimbabwean economy as the Zimbabwe dollar, which was hastily reintroduced last year, continues to shed value.
“It is a fact that our local currency has not gained the needed confidence. This does not need rocket science to understand that it is only the US dollar that can bring back confidence in the economy. I am appealing directly to the president as this does not need Polad or parliament as it is common knowledge that our currency has failed. It is the president who has the final say and must do the right thing”
“There is therefore need for the country to then gradually reintroduce locall currency so that it will not shed value as has been seen in the past months.”
With Zimbabwe’s inflation standing at well over 500 percent, the country has continued to experience price increases and shortages of basic goods while government has continually failed to meet the wage demands of the largest workforce, the civil servants.
As the confidence in the local currency continues to diminish, Zimbabwe has officially redollarised, with some sectors demanding US dollar payments, or pegging their ZWL prices based on the USD-ZWL rate of the day.
This has fuelled uncertainty in the economy, with several companies shutting down or downsizing.
Chamuka said as a result of this, the country is likely to regress to the era typical of the 2007 to 2008 where bearers cheques of a record one trillion dollar denominations were issued.
