'No Country Can Grow Without It's Own Currency' - President Mnangagwa
President Emmerson Mnangagwa has defended the re-introduction of the Zimbabwe dollar, saying no country can grow economically without its own currency.
President Mnangagwa made the remarks while addressing the Second Zanu-PF National Youth League Assembly Meeting at the party’s headquarters in Harare on Thursday. He said:
No country can succeed, grow or modernise without its own currency. The issue of a basket of currencies we introduced towards the end of 2009 [sic], the culprits were me and (Patrick) Chinamasa and a few others.
The multi-currency system was introduced by then Finance Minister Patrick Chinamasa towards the end of 2008 when the local currency had virtually collapsed due to world-record hyperinflation.
The system was, however, abandoned in June this year when the Zimbabwe dollar was re-introduced.