We Need Our Own Currency To End Cash Shortages, We Cannot Control The US Dollar: Mnangagwa5 years ago
President Emmerson Mnangagwa has said that he will end the ongoing cash shortages by reintroducing a local currency that the government will be able to control. Speaking At a Zanu-PF star rally at White City Stadium in Bulawayo yesterday, President Mnangagwa said,
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 rand, the US dollar, the pound, the Euro and so on. Initially, the US dollar and the rand accounted for 40 percent each and the other 20 percent was the balance of other currencies. As time went on, the US dollar became dominant. The US dollar today takes about 90 percent 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.
President Mnangagwa was echoing what seems to be a recurring theme lately. A few weeks back Deputy Minister of Finance and Economic Planning Terrence Mukupe also said Zimbabwe needed to reintroduce its own local currency in order to solve the prevailing cash crisis.
Mukupe has previously said that the Zimbabwe dollar will be reintroduced before President Emmerson Mnangagwa completes his first five-year term. Said Mukupe before,
Zimbabwe will have its own currency after putting the necessary fundamentals to deal with our own currency first, which will be there before the end of President Mnangagwa first five-year term as we would have managed to create the right and sustainable import cover.
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