“US dollar will not be in use when new currency is introduced” – Mnangagwa

Speaking during a live radio show hosted by Capitalk 100.4 FM, president Mnangagwa warned those withdrawing foreign currencies from circulation risk losing its value since the new currency to be introduced will be used alone in Zimbabwe.

One listener asked how the new currency would be sustained when there is no production. The president said that he would not be cornered into revealing the stages that are to be followed until the local currency is introduced before year end.

He, however, said that there are fundamentals that are to be met first before the currency is introduced. He said that these include improving production, minimising corruption and instilling confidence in the general populace. He assured further called upon the members of the public to withdraw from the panic mode as all fundamentals will be put in place before the new currency is introduced.

Another listener asked why Zimbabwe would not just adopt the Rand as the main currency, President Mnangagwa took the listener back to 2008 where the multicurrency system was proposed. He said that he was part of the 5 member delegation that was sent to South Africa to ask for South Africa government authority to use the Rand. He said that the prerequisites were not feasible given the Zimbabwean circumstances.

Resultantly, they settled with just creating legal frameworks which would allow multi currencies to be used as legal tender. He said the Rand is still in use under that arrangement.

More: Capitalk 100.4 FM