According to authoritative sources in the Zanu-PF government, the president Robert Mugabe regime had made representations to South Africa to be allowed to use the Rand although it was in vain
Our efforts to have the rand as an official currency in Zimbabwe hit a brick wall because SA said they feared inflation will spread to their country, said the source.
The source said the Zimbabwe government would attempt the United States dollar. He said a delegation would be send to the USA to meet the Federal Reserve officials.
We think the Barrack Obama administration will have a soft stance on Zimbabwe and thus we will send a team to talk to the Americans so that we adopt the US dollar. The Zimbabwe dollar has lost its values and it can no longer be used, said the source.
However, in his leaked draft economic reform programme dubbed the Comprehensive Economic Reforms Needed to Turn Around the Economy, central bank governor Gideon Gono has announced that the rand will be adopted informally.
He said the move was meant to stabilise prices in the collapsed economy, that was once the pride of Africa.
Zimbabweans are no longer using their valueless currency preferring to do business in rands or American dollars.
It is imperative that Zimbabwe informally adopts the rand alongside the Zimbabwe dollar, to eliminate distortions associated with the use of multiple currencies, said Gono in the draft document.
The randfying of the Zimbabwean economy is envisaged to give substantial impetus to current efforts geared at stabilising prices. This will lay a solid foundation upon which successful economic recovery initiatives will be anchored.
The transformation process entails moving away from a regulated economy to one where the interplay of market forces assumes a more central role in the allocation of resources.
According to Gono's economic reform programme, the Zanu-PF government is expecting to raise US$1.7 billion annually through customs duty, valued added tax, corporate taxes and royalties from minerals.
The RBZ said the government required about US$350 million a month, which translates to US4,2billion.
Once a prosperous nation, Zimbabwe has collapsed and is experiencing an acute economic and humanitarian crisis that has earned the country a place in the top 10 lists of the world's crisis nations.  Â