Rand adoption not necessary

Rand adoption not necessary
Published: 03 August 2017
The Reserve Bank of Zimbabwe (RBZ) says the adoption of the South African Rand as the official transacting currency for Zimbabwe is not necessary as it will lead to speculative tendencies, fuel inflation or price hikes and hinder export viability.

RBZ governor, Dr John Mangudya said adopting the South African Rand will erode economic gains in the country.

"It does not make any sense and we are always against such a move because it will not help anyone," said Dr Mangudya.

An economist Dr Nyasha Kaseke added the continuous use of a multiple currency regime is important for Zimbabwe's economic stability and recovery.

"What more can we want if there are some other workable instruments to accelerate economic development," he said.

The central bank has introduced several packages aimed at improving liquidity within the economy, with the transacting public being called on to embrace plastic money systems and electronic transactions as efficient modes of payments.
- zbc
Tags: Rand, RBZ,


Latest News

Latest Published Reports

Latest jobs