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Rand will not become Zim currency: bank

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Rand will not become Zim currency: bank Empty Rand will not become Zim currency: bank

Post by RamblerNash Mon May 01, 2017 12:23 am

Rand will not become Zim currency: bank

Monday 24 April 2017 - 3:25pm

Rand will not become Zim currency: bank Web_photo_Zim_bond_notes_28112016
File: A till operator accepts a Zimbabwean bond note at a supermarket in Harare. Despite a shortage in the currency, it will not be replaced with the rand. Photo: Reuters/Philimon Bulawayo

Rand will not become Zim currency: bank Web_photo_Zim_bond_notes_28112016

JOHANNESBURG - The Reserve Bank of Zimbabwe has rejected a call to adopt the rand as its official currency amid shortages of the bond notes adopted as currency recently.

Zimbabwean Reserve Bank Governor John Mangudya said the rand was already part of the multi-currency basket introduced in 2009.

He said currency shortages were the least of the country's problems. Poor production and high imports are the biggest challenges facing the Zimbabwean economy, according to him.

But, he says they've introduced an import restriction, which is expected to assist with the problem.

Some Zimbabwean economists believe the only logical step is to adopt the rand.

They say this will address structural and macro imbalances as Zimbabwe tries to increase production, exports and forex reserves.

https://www.enca.com/money/rand-will-not-become-zim-currency-bank
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