By Staff Reporter | Nehanda Politics |
Finance minister Mthuli Ncube said it would be suicidal for Zimbabwe to adopt the United States dollar alone as the official currency because this would fuel inflation levels and would do more harm to the already struggling economy.
Ncube was responding to a report by the Parliamentary Portfolio Committee on Budget and Finance issued yesterday in Victoria Falls at the 2022 pre-budget seminar which urged the government to adopt the United States dollar as goods and services in the country were mainly being sold in that currency.
“Members of the public suggested that the government should denominate the 2022 National Budget in United States dollars,” the Budget and Finance committee report read.
But Ncube said the last time Zimbabwe had the US dollar as currency, inflation was high. Government is trying to tackle price and exchange rate instability that are inflaming inflationary pressures on the economy.
“We cannot adopt the United States dollar alone as the official currency, you were there before and there were long queues at the banks, huge foreign currency deficits and you had deflation. That was because of the US dollar. It is not a good idea and it will be suicidal to do so.
“What has happened is after we introduced the local currency, the industry is picking. It’s about stabilising the currency. We are reforming the country, running the country under a basically dual currency regime and of course other smaller currencies,” he said.
The Budget and Finance committee also said the public had expressed concern that the parallel market rate is going up at unprecedented rates, affecting the pricing of goods and services.
It proposed that the government should consider reverting to the multi-currency system, since most service providers prefer trading in forex.
“They expressed concern that the current tax system is complex and not user friendly for new entrants making it difficult to collect more revenue,” the committee said. Nehanda Radio
But he once said that bad money chases away good money! Is that not conflicting?
but iye ndiro raanotambira wani
At this point and time suicide is a logical option
🤡
If he thinks its suicidal he should stop paying a selected group of people in tt currency as well
Zanu Pf is suicidal
Hamunawo news dzirinani here, izvo taneta nazvo.
What a cantankerous ediot.. he is clueless hence his baseless claims. He knows he failed dismally and now wants to appear as though he has solutions for the equally dismal economic dire straits the country is in now.. thanks to him and his vultures at ShakeShake and RBZ.. mxmxmxm
He knows very well but admitted its hard since he is doing for the interests of he bosses
He is right! Mnangagwa must not accept the Americans in our Country. They must they must keep their money and use it for themselves.
Letting Zanu pf run this country is suicidal….
We don’t want the US dollar as our currency in Zimbabwe. Keep your US dollars 💵 for Americans please Joe Biden .
Patience Kasere have u taken ur tablets yet …
Biden Nota kkkkk you clearly haven’t taken yours either .
Patience Kasere we have tried our zim dollar .. one that symbolise our sovereignty … under the wisdom of dr Gideon Gono … he removed zeros .000.000.000.. from our money in 3years .. and ended up having a 100 trillion note… zim$100.000.000.000.000.00 which means plus those removed zeros it was going to be Zim$100.000.000.000.000.000.000.000.00… thats the figure .. we tried it b4… Mangudya nayewo cam saying will quit if it fall short of 1 :1 wt Usd… zviripi … zim will never b rescued by printing money … better we revert to batter trade iwe Patience ndaikuroora nebadza risina mupini …pwetere pwetere wako uyo
Motogwara imi, tinonzwira tsitsi vana kana muinavo
Davidson Divaldo Haiwawo vako wambogona kuchengeta ? Nxa !
Biden Nota Agreed, so we don’t want to go back to 2008 .We had starving billionaires in that era that is why Mthuli is saying we cannot adopt the US dollar currency only we need the Zimbabwean dollar too .
Patience Kasere satan wemunhu
Jiggaman Gombaz hahaha kana zvirizvo zvakaita ngirozi izvi kudenga handidi kuendako 🤣🤣🤣🤣🤣
Iri iduzvi chairo
Cause arikuba nerate
People don’t to queue for useless bonds but for them it’s fine to earn in foreign currency and pretend like everyone is getting salary whilst people are suffering, Even the government know that the parallel market is the real value of RTGS because if you say 1usd is equivalent to 90 rtgs then bread is $130 rtgs you are meaning the bread is almost 2 USD.
I agree with him, you will end up buying bread 🍞 $5 or $1000 for a Cow 🐄
Lets try it .. we will revert back if it fails
What suicidal is he talking about I got charged a rate of 300 with a clear friendly face. He’s mad f… him
Duzvi iri
So he makes it a point for others to get tissue paper as money
Inga ma passport tiri kuabhadhara nema $ wani 318$ ,kuti mazimba angoramba vari varombo chete ivo vachipfuma nema $
Struggling???????????????? YOU HAVE ADMITTED.
Adopting rand I think will be better since it’s from our block
Oh … So now the economy is struggling? Funny how the narrative always changes…