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By Ndakaziva Majaka Reserve Bank of Zimbabwe (RBZ) governor John Mangudya yesterday dismissed rumours about the return of the discredited Zimbabwe dollar (ZW$) following vicious rumours that were making the rounds in the market. Early this month, Mangudya announced the RBZ was set to print bond notes under a $200 million Afrexim Bank-backed bond in the […]
By Dr Tapiwa Mashakada The cash-strapped ZANU-PF government has finally succumbed to its inevitable failure and has predictably decided to re-introduce the Zimbabwe dollar in the midst of an unprecedented liquidity crisis in the recent history of Zimbabwe. This decision has been muted by the RBZ with the hope of easing the liquidity crisis that is […]
Picture: courtesy of Alex Magaisa – Two milk packs; one from Dairibord Ltd and the other imported from South Africa. We used to be a net exporter of dairy products. What we see in this picture is the true effect of multi-currency. I have been banging on about the need to bring back the local currency and some people think I’m mad.
Former finance minister Tendai Biti, has warned against the re-introduction of the local currency saying doing so would be the ‘stupidest’ thing for the ZANU PF government to do.
In 2008 in an 18-month ‘experiment’, foreign currency was accepted as legal tender for transactions with a set number of retailers. However, months later, in March of 2009, the then acting Finance Minister, Patrick Chinamasa announced that the Zimbabwe dollar would be suspended indefinitely.
HARARE – Reserve Bank of Zimbabwe subsidiary, Fidelity Printers Limited (Fidelity), says they have not yet been instructed to print the Zimbabwean dollar, amid reports that the central bank’s printing company had recalled all contract workers.