Govt Dismisses Biti's Statement That A New Currency Will Be Introduced This Week

The Deputy Minister for Information, Media and Broadcasting Services Energy Mutodi has dismissed the claims by former Finance Minister Tendai Biti that Zimbabwe is set to introduce a new currency this week.

Mutodi said that the Reserve Bank of Zimbabwe Governor, John Mangudya is still working on the monetary policy. Mutodi said Biti’s claims are false. Said Mutodi:

Hon. Biti has falsely claimed that the government will be introducing a new currency next week so as to cause panic on the market. The truth is the RBZ Governor is still working on the monetary policy. May the lawyer focus on what he knows best not economics.

Biti earlier in the day claimed that a new currency will be released this week. Biti said:

The regime will this week introduce a new Zimbabwe currency not backed by any #reserves & without the context of structural reforms which a prerequisite of currency reform. That move is pure undiluted #insanity. An unbanked currency is just the #bond note by another name.

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There is no country in the world that has involuntarily dollarized that has ever succeeded in de -dollarizing. Zim will not be the 1st. Whilst a currency is about fundamentals, ultimately the most important fundamental is confidence There is absolutely no trust in this regime.

Considering the #harm and #damage inflicted on this economy by its Central Bank over the years to now, the question to be posed is, does Zimbabwe really need a Central Bank? In my submission, it can and will do without one.

Related:

• New Zim Currency To Be Introduced This Week – Tendai Biti