Zimbabwe govt dismiss reports of new currency

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HARARE – The government says the Zimbabwean Dollar is the best way to manage the economy and any reports of the imminent introduction of another currency are unfounded.

The information was revealed by the Minister of Information, Publicity and Broadcasting Services Senator Monica Mutsvangwa during a Post Cabinet Media Briefing this Tuesday.

Government would like to assure the nation that it is not considering introducing another currency in the economy as reported in some sections of the media. Our local currency is the Zimbabwe dollar (ZW$) and not cryptocurrency, she said.

In October this year the minister of Finance and Economic Development Professor Mthuli Ncube also ruled out adopting the U.S dollar as the country’s sole official currency, terming it “suicidal”.

Ncube said such a move could result in foreign currency deficits and deflation for the African nation.

We cannot adopt the United States dollar alone as the official currency,” Ncube told lawmakers during a pre-budget consultation meeting held in October.

Like most countries in the world,The Government of Zimbabwe through its Financial Technology (FINTECH) Group, is studying Central Banking Digital Currency (CBDC) as opposed to cryptocurrencies, bitcoins or any form of derivatives.