Zanu PF regime “the greatest underminer of its own currency” – Biti

Former Finance Minister Tendai Biti says the seemingly obnoxious Zimbabwe dollar was being rejected by both citizens and the Zanu PF regime that unceremoniously invented it.

The country reintroduced the local currency in 2019 after almost eight years of using only the United States dollar. Civil servants salaries began to erode after the Zimbabwean dollar continued to fall against the foreign currency.

Biti who was the Finance Minister during the government of national unity when the US$ was introduced believes the ruling Zanu PF party is responsible for the inflation rocking the economy.

The Citizens Coalition for Change (CCC) vice president accused Zanu PF itself of sabotaging the local currency.

“There is a serious inflation spike around with prices imploding in the past few days. The RBZ’s squeeze on supply and availability of the Zim$  and RTGS is pushing prices to go up in US$ terms. There is total rejection of local currency and distorted de-dollarization is causing inflation,” Biti wrote on his Twitter handle.

“The rejection of the local dollar is universal and the regime itself is the greatest underminer of its own currency. For instance SI 16 of 22 👇published this week sets new passport fees in US$. Truth is de-dollarization has failed. Truth is Mthuli and #ZANU have failed in absolute terms.”

Biti assured Zimbabweans that their CCC party will change things if voted into power in the upcoming 2023 harmonised general elections.

“The management of the economy will be a central issue in the 2023 election as in the 26 March by election. Contra to #ZANU we will re-dollarise and float the Zim$. Pensions and public wages will be in US$. Further we will scrap export surrender requirements.  We are the hope @CCCZimbabwe,” he said.

Zimbabwe’s currency crisis worsened even after the late former president Robert Mugabe was replaced by Emmerson Mnangagwa in late 2017 through a military coup.

Mnangagwa appointed Mthuli Ncube as the treasury boss in 2018 leading to the adoption of a monetary policy pivoted around currency reforms which have in turn led to the removal of foreign currencies and re-adoption of the Zim dollar in 2019. Nehanda Radio