No multi-currency system comeback – ED

ZTN Reporter

Zimbabwean President Emmerson Mnangagwa says his country cannot develop without using its own currency.

The Southern African country dropped the multi-currency in June this year.

Through Statutory Instrument (SI) 142 of 2019, known as Reserve Bank of Zimbabwe (Legal Tender) Regulations, the Government abolished the use of British pound, United States dollar, South African rand, Botswana pula and other foreign currencies, as legal tender.

Before the new regulations came into effect payments in Zimbabwe could be made in any of the approved currencies that included the US Dollar, British Pound, South African rand, Botswana pula and RTGS dollar.

While the move to abolish the multi-currency system has divided opinion President Mnangagwa yesterday told a National Thanksgiving and Dedication Service at the Zimbabwe International Trade Fair (ZITF) Grounds in Bulawayo that the multi-currency era was a closed chapter.

“No country can develop without its own currency,” he said.

“As you are aware, we are now using our own currency and I urge all of us to accept it, use it and be proud of it and also defend it from all forms of attack. There is no going back to the multi-currency system.”

The Zimbabwean leader reiterated that his government remains committed to transforming the economy.

“As Government, we are accelerating our quest to speedily attain Vision 2030, to become a middle-income economy. In 2020, we will focus on ensuring higher productivity across all sectors of the economy, creating decent jobs, empowering our people and satisfying their needs to improve their standard of living,” said President Mnangagwa adding that government has ordered more drugs and equipment for health institutions.