We Need Our Own Currency To End Cash Shortages, We Cannot Control The US Dollar: Mnangagwa

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BULAWAYO – Government will soon unveil systematic measures to comprehensively address cash shortages, while introduction of a local currency will remain a long-term objective, President Emmerson Mnangagwa has said.

At a Zanu-PF star rally at White City Stadium in Bulawayo yesterday, President Mnangagwa said Government wants a permanent solution to end the cash shortages.

“Next issue is the question of cash availability in our banks. Our Zimbabwe dollar collapsed in 2008 and 2009. We then adopted a basket of currencies — the rand, the US dollar, the pound, the Euro and so on.

“Initially the US dollar and the rand accounted for 40 percent each and the other 20 percent was the balance of other currencies.

“As time went on, the US dollar became dominant. The US dollar today takes about 90 percent of our transactional activity in the economy.

President Mnangagwa said authorities would work on creating the right conditions for a local currency.

“We have no control over the US dollar, it is time that we must adopt our way of restoring the dignity of our country by creating our own currency.”

The Head of State and Government said his vision for the country to become a middle-income economy by 2030 would see per capita income averaging $3 500.

“We will put up a target for ourselves that in 12 years’ time by 2030, this country will become a middle-income country with a per capita of US$3 500.

“We need decent jobs, we need empowerment. We need to free ourselves from poverty. We must create wealth.