New currency for Zimbabwe in November

Daily life on Tuesday, July 31 2018 in Harare, Zimbabwe. Pic: Waldo Swiegers / Bloomberg

HARARE – Zimbabwe is set to have a new currency next month. A member of the newly appointed monetary policy committee Eddie Cross has revealed that the new currency will be introduced next month (November) in a move set to curb cash shortages in the country.

Mr Cross, a renowned economist described last week’s events which saw the exchange rate shooting through the roof as unfortunate.

He commended President Mnangagwa for taking a bold decision to freeze accounts of companies suspected of fueling the instability of exchange rates, saying what is needed now is to act on such economic saboteurs.

He added that the new approach where-by command agriculture will be facilitated through banks is professional and will produce good results although there is need to expedite the process in view of the anticipated early rainfall.

Meanwhile, Mr Cross commended President Mnangagwa’s State of the Nation Address delivered on Tuesday, for tackling real issues affecting the ordinary person as well as economic growth.