Mthuli Ncube assures markets continued use of multicurrency system

Professor Mthuli Ncube

Finance and Investment Promotion Minister, Professor Mthuli Ncube, reassured the public that the multicurrency system will remain in place despite rumours of the government reverting to the Zimbabwe dollar as the sole legal tender.

The current arrangement, which allows the use of foreign currencies such as USD and Rand, is guaranteed until December 2025 under Statutory Instrument (SI) 118A of 2022.

Minister Ncube stated that there is no need for concern or speculation regarding the currency situation. He emphasised that having multiple currency options is a unique advantage and urged people not to complain about this choice. The minister said:

You have no reason to worry or speculate about the currency because you have an option to use many currencies. I don’t know of any country that has allowed to do that, USD, Rand, you have a choice, don’t complain about that choice. That regime is here to stay, that’s what we have, let’s carry on.

Watch the video below for more.

The Minister’s remarks come amid rumours that after the August 23-24, 2023 elections, the government may reintroduce the Zimbabwe dollar as the sole legal tender.

President Emmerson Mnangagwa, in his inaugural speech, highlighted the importance of strengthening the local currency, which has experienced a decline since its reintroduction in June 2019. This uncertainty has led some businesses to consider leaving the country, as the Zimbabwe dollar cannot be used outside of the Southern African nation’s borders.

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