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Proposed New ZIM Currency Appears to be Fiat" by TJ - 2/14/19

According to the Former Zimbabwe Finance Minister, Tendai Biti, the proposed new ZIM currency is FIAT.

"Zimbabwe To Introduce A New Currency This Week – Tendai Biti

Former Finance Minister, Tendai Biti has just said that the government is going to introduce a new currency this week. The introduction of a new currency is expected to coincide with the presentation of the Monetary Policy statement by Finance Minister, Mthuli Ncube this week.

On his Twitter account, Mr Biti said: "The regime will this week introduce a new Zimbabwe currency not backed by any #reserves & without the context of structural reforms which a prerequisite of currency reform . That move is pure undiluted #insanity....""

The above quote advises us that this proposed new ZIM currency is FIAT, which we understand would not be accepted by the QFS.

TJ

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Further to my earlier post:

The following is extracted from today's news in "The Zimbabwe Daily".

"Government was however forced to deny the re-introduction of the local currency this week based on comments on Twitter by former Finance minister Tendai Biti that the reintroduction was due this week although it would not be backed by any fundamentals...

Business Times is reliably informed that the foreign diplomats, due to meet Mnangagwa today at State House, told Harare to shelve the introduction of a local currency until the right fundamentals are in place...."

TJ