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Mnangagwa Threatens To Legislate Against Use Of Foreign Currency

1 year agoFri, 02 Jun 2023 10:52:05 GMT
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Mnangagwa Threatens To Legislate Against Use Of Foreign Currency

President Emmerson Mnangagwa has said his Government may enact laws against the use of foreign currencies to ensure that Zimbabweans embrace the Zimbabwe dollar.

In an interview with the Third Eye and Brick By Brick magazines this week, Mnangagwa ruled out dollarisation saying there was no turning back to using other countries’ currencies.

He said the multi-currency system was adopted to deal with hyperinflation but there is no country that can develop without its own currency. He said:

What we might do is legislate against foreign currency to make sure we use our own currency.

Our people must know that our currency is there to stay but foreign currencies of other countries are not there to stay.

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Calls for full dollarisation have been amplified in recent weeks following the precipitous devaluation of the Zimbabwe dollar on both the formal and informal market.

The majority of businesses, especially those in the informal sector, are no longer accepting Zimbabwe dollars, instead insisting on foreign currency.

This has resulted in trade unions demanding USD salaries and wages for workers to make ends meet.

Treasury and the central bank have ruled out dollarisation, with Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya saying Zimbabwe has no capacity to fully dollarise. Mangudya said:

We have no capacity to dollarise because the money in the banks is not ours.

It belongs to the exporters so that they can export more. Now people are always confused that this US$11 billion is ours, no it’s not ours

The numbers don’t lie. If you can measure it, you can manage it. Ours is 25% which is supposed to go through the rest of the economy.

That’s what we use for auction, for reserves and for paying debts. That’s what it is.

More: Pindula News

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31 Comments

Stubborn Economy · 1 year ago
Manje economy haidarwo nhai Ed..USD kana rakatopinda harichabude.Chinobuda ndiwe mu office asii USD mu Zim economy rinenge ririmo.. Informal sector haitambire matakanan iyaya..Makamboti Usd rakusungis kum s**** but zvakashay basa....
Mthuli Dube · 1 year ago
Pakaipa
ehe ahh umm ok · 1 year ago
ah really, ok ehe ummm ok
tee · 1 year ago
by fire 🔥 by force kkkk...it Will not work simpuru
Ba Dee · 1 year ago
Hero benzi riya rotaura zvenhando kkkkk
Officer · 1 year ago
Samusha ava vanowana kupiko zvindi zvokuvhundusira nyika yose kunge vane black-belt rekarate? Inga sekuru Bob vakadonha mabriefcase guns aripo. Muchacheuka moona kuti hakuchina akamira kumas**** kwenyu. Ndipo pamuchaziva kuti you are mere flesh and blood. Those standing around you don't enjoy your Gold Mafia millions. They're equally your victims.
Yet you're · 1 year ago
a billionaire
Patriot · 1 year ago
It is only the West which hatesvdevelopment in Zimbabwe..through sanctions and economic manipulation through local agents CCC and some business want to remove our dear leader asi azvishande we are going to be the top currency in Africa again
Zuze · 1 year ago
When is this toilet paper going to become the greatest currency in Africa? And please don't say:again " because this tissue was never a currency in the first place. saZuze ndingadawo kuziva kuti how is this tissue going to be a strong currency. Nditsanangurirewo nekuti ndiri Zuze, I am a very slow learner.
Anonymous · 1 year ago
kkkkk , use your brains not feet to think, Patriotic
Sorojena · 1 year ago
Ngaazviitike izvezvi, it would catalyse his demise.
QQ · 1 year ago
Nhai zvako iwe, atononoka. CCC won't need to campaign, munhu wese anodaira ega. AAA Ngwena akabvisa USA kunofiwa nenzara zve
Anonymous · 1 year ago
Hubenzi hunooneka hwega.....
777 · 1 year ago
chero paanooenda kubhawa hamumbomuoni achibudisa zim dhora kutenga doro kushaya tsitsi nevamwe makaoma mukuru
CHAWABVUNZA · 1 year ago
Why should His Excellency Advocate President ED Mnangagwa promise the citizens on his threat to force citizens to engage business in usd. [ NGAAPINDE HAKE MUKOMANA ]. He will dig his grave once he does that. ZImbabwe Dollar is no longer money to talk about. It is finished [ THE BUDH L OPPOSITION L I'M
Anonymous · 1 year ago
One way to make people trust their currency is to get other countries to publicly acknowledge it as a legitimate currency. Maybe our all weather friend, China, can swap some RTGS and give us some Yuan in exchange. The diamond trade did not work to our favour. Surely it can be acknowledged by others then.
Epworth Resident · 1 year ago
Vanhu ngavataurire His Excellent, Cde E. Dambudzo Mnangwagwa, ngavaudze mukuru wedu chokwadi chakaisvonaka, vana Mutuvi Nduwe, nama, Gudza uyu vari ku de campaign Zanu kabisira, vari kun'en'ena gotsi ra His Excellent, kuti isvo svasvangwa ne CCC, zvekuti heki, dai nguva ino vaito kavhira nekumbopawo wanhu madhora egold, platinum, chrome, ma diamonds, lithium, negas tichidirigwa mahara, iro riri kubuda pa muzarabani apa, kwete ku gwavha gwavha, ne rtgs risingashandi ravasingadi ivo, manje manje usd re America rerapa million, teta kubhara maziro, nema comma🔜😀😀😀
@ · 1 year ago
Mangudya is lying through his teeth - he is pretending that the gvt gets its foreign currency through export retentions only, this is not so, most taxes and duty where being levied In foreign currency.
· 1 year ago
He must be told that the country is NOT a military force that takes orders without questioning. Command Economics dued with communism. Ginyanomics died with Gideon Gono. Mugabe tried price controls and ended up facing empty supermarket shelves. Panonetsa and the failed banker Mutuzvi Ncube tried 1:1 ratio and they were answered by a robust NMB (not National Merchant Bank but National Mattress Bank). Try it ED and lets see where it gets you. Pity you have less than 3 months in office, so I won't be able to tell you, "I told you so"
ini zvangu · 1 year ago
Garwe riya razopererwa nemvura mudziva, manje It won't work.
Dispenser · 1 year ago
What a cursed country, led by directionless pple.
nc · 1 year ago
mkuru Musa manikidza dhongi kunwa mvura. itai chi legislasheni chenyu moone kuti zvobuda here
fugu pfeee · 1 year ago
good mr president. dai zvaibvira matoita sekudaro mangwana makuseni chaiwo
Dark 🌑 Retribution Dark 🌑 · 1 year ago
aiwa mangwana makuseni that's too much...ngavaite zuva risati radoka!!! kkkkkkk haaaaaaa kkkkkkkkk heeeeeee kkkkkkkkkk hahahaha hahahaha ayaaaa...Pamberi neku w.uraya nyika...kkkkkkk haaaaaaa kkkkkkkkk hahaha 😂😂😂😂 hohohohoho... hahaha...
Madzibaba veShanduko · 1 year ago
by ginde

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