THE country’s payment system will remain anchored in the multi-currency system, with the newly-launched ZiG providing a pathway towards the planned gradual de-dollarisation of the local economy.
Speaking at a breakfast meeting in Harare yesterday, which was hosted by the country’s first independent national commercial television station, 3Ktv, ministry of Finance permanent secretary, George Guvamatanga, said it would take time to achieve de-dollarisation.
This comes after economic analysts said recently that the extension of the multi-currency system by President Emmerson Mnangagwa to 2030 would enhance the country’s economic development.
“I want to support the Reserve Bank of Zimbabwe governor (John Mushayavanhu) after we saw social media posts where people are saying if this currency does not buy fuel or pay for a passport, then it’s not a currency.
“What we have done regarding the new currency is one of the milestone stages towards de-dollarisation. “This is one major milestone we have taken and this journey takes us up to 2030,” Guvamatanga said.
He added that de-dollarisation would be a gradual process, beginning with the government directing all its departments to accept ZiG. “We are on that journey, and there will be a point where we will be fully and solely about ZiG. Within that journey, there will be a point where all duties will be paid in ZiG, not even 50 percent.
“We are actually working on a circular to all government ministries, departments and agencies that they cannot insist on payment in US dollars. “The governor has said that he wants to create a strong and stable currency, but within the plan, certain action will be taken,” Guvamatanga said.
Mushayavanhu also said there was need for time to move away from using the current multicurrency system. “We need to start promoting ZiG … When we get to 50-50 use (between ZiG and the US dollar) people will argue at that point that we can now use the local currency only.
“It’s not an overnight thing. You do not just wake up and announce tomorrow that we are using ZiG only. It’s going to be a gradual process,” he said. He also explained that the delay in issuing ZiG notes had been necessitated by the need to embark on “an intensive educational campaign to tell people features of the currency and explain how it will work”.
“We want the people out there to be educated. So, we said that the notes will be available around 30 April. “In the meantime, you are going to see posters and media campaigns on various media platforms,” Mushayavanhu said. – Daily News
