Sat, 20 Jul 2019

We cannot fear change - Zim's Mnangagwa on currency

News24
26 Jun 2019, 05:43 GMT+10

Zimbabwe President Emmerson Mnangagwa has said the situation in the country where others earning US dollars were enjoying stability while those who earn local currency had become "unfair and unsustainable.

In a statement released on Tuesday, Mnangagwa said it had always been clear that for the country's economy to take off, "we need our own currency".

He said the move to abolish use of foreign currency in local transactions was an "important step in restoring normalcy to our economy".

He said apart from outlawing use of foreign currency, the move would "change very little."

"People will still be paid in RTGS dollar and bond notes, and goods and services will be priced in the same (local) currency," he said.

"Those holding Nostro (forex) accounts will still have access to those accounts in the currency they held."

Mnangagwa added: "We cannot be fearful of change, but must boldly embrace it as we move forward.

"The conditions are in place for Zimbabwe to have its own currency."

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