Minister Biti supports adoption of regional currency

THE Minister of Finance, Tendai Biti, says he strongly supports the idea of a regional currency and not "going back to the worthless Zimbabwe dollar days".


"We can and should adopt a regional currency possibly the South African rand or even a currency called the 'Samanyika Dollar," he said in Harare.

"But if we go back to the days of the Zimbabwe dollar then it will be over my dead body as I have always said in public even at major international meetings."

Samanyika refers to those individuals hailing from the Manicaland Province which has lots of diamonds from Marange Diamonds for the economy right now.

Biti said the new currency could replace the United States dollar which is used as legal tender in Zimbabwe alongside the South African Rand, Botswana Pula and the British Pound Sterling.

"We can still have a multi-currency regime," Biti told international investors gathered in Harare.

"Since we have cash budgeting this should make it easy for ministries and government to follow. This currency will be recognised by the international community and help our investment drive."

The Minister of Economic Promotion and Investment Promotion, Tapiwa Mashakada, speaking along his colleague said Zimbabwe was currently trying to shake off the "pariah-State image of the past".

"We are a growing economy," he told more than 500 international investors.

"Our economy is beginning to stabilise since we began using the United States dollar and the south African Rand.

"We are on the right path as a country and you must support us in our endeavours to make Zimbabwe the number one investment destination in Africa."

Mashakada admitted, however, that the economy had almost collapsed before the Government of National Unity (GNU) came into play in Zimbabwe.

"Zimbabwe was at crossroads then," he said. "The economy had totally collapsed and there was unprecedented suffering of our people. The inflation figures were frightening too."

Zimbabwe's inflation figure stood at more than 231 million percent before the Central Statistical Office (CSO) surprisingly then DECIDED TO STOP PUBLISHING them FEARING VICTIMISATION BY THE FORMER RULING PARTY, ZANU PF.


Post published in: News

Leave a Reply

Your email address will not be published. Required fields are marked *