Mukupe dismisses Zimdollar return reports

Published: 03 July 2018

FINANCE and Economic Planning Deputy Minister Terrence Mukupe has dismissed a statement circulating on social media announcing the re-introduction of the local currency.

The statement purportedly signed by Mukupe reads that the Government has resolved to revert to the use of local currency as from July 9.

In an interview yesterday, Mukupe said the statement was fake and bent on soiling his name.

"It's fake. It's just some people who want to taint my name. It's a fake article. The official position yes we would want the Zim dollar to return but the President said it has to be under the right conditions with the right fundamentals in place," he said.

According to the statement, which spells the deputy minister's name as Terence Mukhupe, cash amounts would be allocated to each bank at par value to current account balances.

"To this end all banking systems will undertake a technology upgrade to change currency reflected to local currency on all accounts in order to accommodate for this change all banking systems will be down between midnight Friday 6 July 2018 at 9am. In order to minimise disruption of services banking customers are advised to access funds required between Monday 2 July and close of business on Wednesday 3 July 2018," reads the statement.

The statement warned of limited access to cash while saying that Government would support all banks to minimise disruption of services.

"Continued use of plastic money should be the preferred means of transactions. Please contact your relevant ministerial representative should you have questions relating," it reads.

Last week, Vice President General (Rtd) Constantino Chiwenga reiterated Government's position that it would re-introduce a Zimbabwean currency at the appropriate time as part of a sustainable economic growth strategy.

Addressing a Zanu-PF rally in Shurugwi, VP Chiwenga said Government would need to stabilise the economy first by reopening industries before launching a new currency.

"The cash crisis that we might be facing now is emanating from the multicurrency system because the money is not ours. As Government, one of our main objectives is to reintroduce our own local currency. This, however, will not happen overnight. Government will first stabilise the economy, open factories and manufacturing companies and ensure development," he said.
- chronicle

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