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Mnangagwa rules out early return to Zimbabwean dollar
Zimbabwe President Emmerson Mnangagwa in Harare, on August 3, 2018. He on September 18, 2018, ruled out an early return to the local currency. PHOTO | MARCO LONGARI | AFP
What you need to know:
- In 2009, wracked by hyper-inflation, Zimbabwe dumped the local dollar and adopted the US greenback and other foreign currencies, including the South African rand.
- On September 10, new Finance Minister Mthuli Ncube said he backed a return of the Zimbabwe dollar, "the sovereign currency," to help economic revival.
- The economy remains deep in the mire, crippled by policies adopted under Robert Mugabe.
HARARE,
Zimbabwe's new president on Tuesday ruled out an early return of the Zimbabwean dollar, toning down remarks by his finance minister that backed reintroducing the currency.
In an inaugural address in parliament marked by an opposition walkout, President Emmerson Mnangagwa pledged a raft of economic measures, including currency reforms and better forex availability.
RIGHT CONDITIONS
But, he said, conditions had to be right before foreign currencies were replaced once more by the Zimbabwean dollar.
"My government shall continue with the use of the multicurrency system up until the current negative economic fundamentals have been addressed to give credence to the introduction of the local currency," Mnangagwa said.
In 2009, wracked by hyper-inflation, Zimbabwe dumped the local dollar and adopted the US greenback and other foreign currencies, including the South African rand.
But the economy remains deep in the mire, crippled by policies adopted under Mnangagwa's predecessor, Robert Mugabe.
On September 10, new Finance Minister Mthuli Ncube said he backed a return of the Zimbabwe dollar, "the sovereign currency," to help economic revival.
