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No to Zim Dollar

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Post by RamblerNash Sat Sep 26, 2015 8:56 pm

No to Zim Dollar

September 26, 2015

The Bankers Association of Zimbabwe President Sam Malaba says the Zimbabwean dollars should be forgotten  because it increases the gap between the rich and the poor.

Zimbabwe abandoned the local currency in 2009 after inflation had reached unprecedented levels.

“That is the reality but I think what is more important to us is that we must accept that the multi-currency system has to remain in place in the foreseeable future and I always say it was the people who rejected the Zimbabwe dollar when it was on the street no body picked it up”, Malaba told a business investment meeting in Harare recently.

“So government has to earn the confidence of the people before you bring back a local currency So we have to leave with the challenge of a strong currency that to me is reality”.

Finance minister Patrick is also on record saying that the multi-currency “is here to stay”.

There have been comments from some Zanu Pf officials advocating for the return of the Zimbabwean dollar saying as a sovereign nation the country should use its own currency.

The BAZ boss said government must concentrate on reforming investment laws that attract and promote foreign direct investment.

“When I am asked to say how does the economy grow I am very clear the US$ or multi-currency brings discipline”, said Malaba.

“You cannot print what you have not produced”.


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