Zimbabwe to reintroduce local currency | TSA , 14 OCT

by **Admin** Sat Oct 14, 2023 7:34 pm

Zimbabwe to reintroduce local currency | TSA , 14 OCT

Zimbabwe to reintroduce local currency | TSA (10/14/23)
Zimbabwe is set to once again have its own local currency and will enforce the use of this in its attempt to restore economic growth.
Thus, the annoying practice of paying in one currency and receiving change in another (or in a handful of several others) is expected to come to an end in that country.
Mnangagwa said that Zimbabwe will bring back a national currency as its legal tender since the country cannot develop using several foreign currencies.
Mnangagwa stated this when speaking at the ceremony where he was sworn into office for a second term.
BASKET OF CURRENCIES

Zimbabwe adopted a multi-currency regime in February 2009 to combat spiking inflation. It has been using a basket of different currencies as legal tender since 2009 when the country saw economic instability.
“In 2009 our currency collapsed and former President Mugabe appointed a committee of five people, which I chaired, to look into the currency issue. We agreed that for us to survive we had to create a basket of currencies and to allow our own currency to die.” Mnangagwa said, per The Chronicle.
The arrangement which allows the use of several foreign currencies is guaranteed until December 2025, under Statutory Instrument (SI) 118A of 2022.
NATIONAL CURRENCY
During his recent swearing-in ceremony, Mnangagwa said that Zimbabwe will put into place measures that will entrench the use of a single currency.
This is because using a single national currency will help to bring sustainable growth and development to the independent country which was known as the “Breadbasket of Africa”.
Through the use of a sole currency, a government has control over its monetary policy. It is also better able to manage capital flows. Ultimately, this...FOR READ MORE: https://dinarevaluation.blogspot.com/2023/10/zimbabwe-to-reintroduce-local-currency.html