The Zimbabwean government has set in motion plans to re intoduce the Zimbabwean dollar. The country has been using a multi currency sysytem since 2009. A new bill SI 142 of 2019 also reffered to as Zimbabwe( Legal tender ) regulations has been gazetted.
The announcement comes amid a foreign currency crisis in the country. Most shops were now selling goods at ridiculously high prices with a small USD fee. The new bill if approved sets aside the multi currency sysytem and makes the US dollar worthless for day to day transactions. The Zim dollar will instead be the recognized legal tender.
Plans to introduce the Zim dollar have been in the pipeline for some time since the establishment of the second republic. Speaking at the US Africa business summit in Maputo, the president Emmerson Mnangagwa had this to say, ” It is necessary that we have our own currency. I have faith that we’ll achieve that even before the end of the year or by the first quarter of next year”. The revelation seems to have come sooner than expected.
Here have been mixed reactions over the reintroduction of the Zim dollar. Some have hailed it as a positive development that will see the country’s economy being revived. They said it is simply not sustainable to use a foreign currency as your own legal tender.
Others however differed in opinion and claimed that the new currency might see hyperinflation taking its toll on the economy. They said underlying factors such as corruption should have been adequately dealt with first before introducing the new currency. They termed the current economic changes as Voodoo economics.
Nonetheless people are expectantly waiting to see how things will pan out after the introduction of the new currency. The introduction of the rtgs a few months ago did very little to ease continued price hikes. The country has been battling increases in the price of food, clothing and fuel raising speculation that even the new currency might not improve the economic of the nation.