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Mnangagwa Hints At Strengthening The Zimbabwean Dollar

1 year agoTue, 05 Sep 2023 05:42:43 GMT
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Mnangagwa Hints At Strengthening The Zimbabwean Dollar

President Emmerson Mnangagwa, during his inauguration and swearing-in for his final term as Zimbabwe’s President, highlighted the significance of a national currency for development. While not explicitly mentioned, his remarks hinted at a preference for the Zimbabwean dollar as the sole currency. Additionally, he indicated a focus on utilizing internal resources to foster economic growth. The future of the United States dollar in the country’s currency system remains unclear. He said:

Comrades and Friends;

The past five years have delivered valuable lessons on our intricate economy, especially the fact that a national currency that is supported by a vibrant productive sector is indispensable to sustainable development. No country has ever developed without its own currency. Further, we can only develop and grow the economy based on our own internal resources.

I urge us all to believe in ourselves and our abilities, as Zimbabweans and Africans. Development and national prosperity based on what we have is more sustainable and durable. We must take pride in who we are and what we can do for ourselves.

The numerous mineral resources in our country must be sustainably exploited to leap-frog our industrialisation and development. The lives of our citizens and the fortunes of our country as a whole must be improved. We expect nothing less.

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Our economy must realise maximum benefits from increased beneficiation and value addition. As such, my new Administration, through the Responsible Mining Initiative, will ensure greater stewardship over our finite natural resources. These must benefit both present and future generations.

During his speech, President Mnangagwa did not discuss the involvement of the African Development Bank (AfDB) in debt arrears or restructuring. Zimbabwe’s consolidated debt as of June 2023 amounted to $17.5 billion, with $14.04 billion owed to international creditors and $3.4 billion in domestic debt. The country is in arrears with multilateral development banks, including the AfDB. Finance Minister Mthuli Ncube said Zimbabwe aims to clear foreign debt by December 2025 to access new lines of credit for economic revitalization. The majority of the multilateral debt comprises arrears and penalties for non-payment.

Some context on Currencies:

Zimbabwe adopted a multi-currency system in 2009 as its national currency, the Zimbabwean dollar, faced hyperinflation and devaluation. The system allowed the use of foreign currencies such as the US dollar, South African rand, and Botswana pula as legal tender. While it provided some stability, challenges like limited access to smaller denominations and reliance on external economies emerged. In 2019, the Reserve Bank of Zimbabwe reintroduced the Zimbabwean dollar as the sole legal tender, discontinuing the use of foreign currencies for most transactions. However, the reintroduction has brought its own challenges, including inflation and currency instability. This forced the authorities to allow the use of the United States dollar together with the local currency albeit making it clear they would prefer having the Zimbabwe dollar as the sole legal tender.

Government critics including former Finance Minister Tendai Biti, argue that Zimbabwe should abandon the local currency due to its premature reintroduction without meeting the necessary prerequisites for sustainability. They propose using the US dollar as the sole legal tender until the prerequisites for reintroducing the Zimbabwean dollar are fulfilled. These critics believe that the public lost faith in the governance of the ZANU PF government, leading to a lack of confidence in the local currency, which they predict will continue to depreciate until governance issues are addressed. 

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61 Comments

Anonymous · 1 year ago
KKKKK NOTHING LIKE THAT WILL HAPPEN. ADDICTION TO US$ BY THEM IVOOOO
Anonymous · 1 year ago
Kana ukamisa benzi pamberi pe microphone rinotorotomokawo chete....
🧐 🤔 🤨 · 1 year ago
He is right you know, if you are a leader with a vision, you know the adverse effect of running around with the currency that is, and will never be yours, so we lack identity that makes us another phase of humans zvinova zvakatipa kudeererwa nana Nevers Mumba avo coz we bragging so much with what's not ours
🏃‍♀️Chi baby che ZANU · 1 year ago
Jealous down. EDs government yakambobata rate zvayo. Vanhu vakamboita subotage but that didn't yield much results. Vanhu vaiti tichasvika muma election tadzokera pa 2008 hyperinflation but it never happened. The next focus must be on 🏭 industrialization. We need to produce and export more.
🏃‍♀️Chi baby che ZANU · 1 year ago
Jealous down. EDs government yakambobata rate zvayo. Vanhu vakamboita subotage but that didn't yield much results. Vanhu vaiti tichasvika muma election tadzokera pa 2008 hyperinflation but it never happened. The next focus must be on 🏭 industrialization. We need to produce and export more.
hes a comedian maybe? · 1 year ago
is he a comedian same as Ukrainians president was a comedian before ?
hahahhaaaa · 1 year ago
this guy is funny
maparamuro · 1 year ago
time to withdraw all your US$s from the bank. gedye gedye is coming soon
...... · 1 year ago
please pindula musaisa mapictures mnangagwa hatimadi anosvota kuona
· 1 year ago
So we will all live like oild and water CHANGE and ZANOIDS. Why follow wrong traits. We cant be separated by political parties except if we're ****s
Ghetto Prophet · 1 year ago
Nothing will last forever,, 10yrs later ED will be 90 kkk,, vanenge vachidya havo mari yavo in good health🤔🤔
· 1 year ago
.... akapfeka maPamper
@Ba Dee · 1 year ago
ah tinokuzivai ma CCC hamufungi and zvnobuda pachena nemazwi enyu.
muvengi · 1 year ago
hairo ndodak* riri papic
Ba Dee · 1 year ago
Mha. ta dzenyu maZanu mose nezimbwa renyu ramakagadza
@#$ · 1 year ago
clearly for E.D this country is just a playground where you can try out all sorts of ways to satisfy his ego.He will probably not care about what the results of his experiments with the economy are even if it's at the detriment of the Nation.
jue Saidi · 1 year ago
mataakaja kare ahanyaradze mwana
@pindula pic · 1 year ago
aaah dzikuita kunge John Rambo wena. ma president manyama!!!
@Destro · 1 year ago
vana vevanhu vakabva ku Malawi munonetsa xuwa bcoz isu hedu true Zimbabweans that rural populace you're referring is where our grannies brothers mothers aunts and uncles reside. handioni anything grandeur pakugara in urban areas vazhinji venyu you're lodgers munoenda kubasa makapatikidzana muma lorry munodya chingwa chema dollar for hobho nemavheji e700bond.Do you know kut in rural areas some people are well off than you??? Anyway ungazvizivirepi iwe usina kumusha.kana wafa kumbudzi round about takaenda takaenda Granville cemetery.
· 1 year ago
I beg to differ We in urban areas makesure that our rural areas people live that lovely life. We send them money, buy them domestic animals, farming inputs and farming tools. We invest everything there with the hope that one day we will go there when we retire
☝️☝️☝️☝️☝️☝️☝️ · 1 year ago
we in urban areas????you make sure your rural areas people live that lovely life???You send them money???.......... let's be factual here rural people don't rely on handouts from very poor urbanites.they own land they farm they rear cattle they do mining.
Destro · 1 year ago
Our future & our kids future is being compromised by forced, intimidated rural populace .most of them kana nduwe zvayo..kana pad havarizive ngaatonge kumusha isu toita wedu weku Twn
CHAWABVUNZA · 1 year ago
I am a layman in economics, but what I have widely read is that it is difficult to dump United Statesdollar currency once you use it. A good example is ZImbabwe. Zimbambwe started using United States dollar currency in 2019. At one point ZImbabwe dumped United States dollar and went back to ZImbabwe Dollar. It did not work and they went back the United States dollar again. I am told by economists that countries who once used United States Dollar and managed to dump it completely can be counted on less than five fingers !!!!! This is my story and I am sticking to it. [ THE BUSH LAWYER4CCC ].
As I see it. · 1 year ago
The problem is the printing of money by an irresponsible government that causes inflation. We need a strong finance minister not a yes man for our money to gain value. It's not rocket science to understand what's needed.
warning! · 1 year ago
Gore rino hariperi
BDB · 1 year ago
Why not go and rule in rural areas where your votes came from and let us live a better life with the ccc that we voted for here in towns and growth points. We cant have our future defined by rural people's forced votes..
mmm · 1 year ago
in complete agreement with u vana vedu wogadzirirwa future nemaforced votes vanhu kubva zvishavane kunovhotera kunyanga
Tom · 1 year ago
since 1980?
Anonymous · 1 year ago
One very good listen we should learn as zim going forward externally driven change is not easy, the more sanctions dont bring desired change, people start being undefined nationalists, talk to them in a free atmosphere you get surprised, now its time to join polad try change from close range Biden phone have reached its sellby date, people have better things to do in these hard times, watched mr mumba telling zambians that his mandate was to deliver free, fair and credible elections to zim, i asked myself, why then blame zec if its your mandate, thought you are an observer
, · 1 year ago
You talk nonsense ewe
Kkk · 1 year ago
1980
Not a Zanu pf supporter · 1 year ago
Mnangagwa is illigitimate
Stepfather Manyama · 1 year ago
Promises since 1980
🧐 🤔 🤨 · 1 year ago
Ikako ka "that" kakakonzera kuti kuite inflationary, ka airlock ikako, needs venting, ASAP It can happen and very possible but what was the real cause of this inflationary windfall of our currency at such an alarming rate. Obviously it was a deliberate ploy to pin us down but we are un pinned now, So that airlock needs venting If it's cancer the tumor should be removed the sooner the better before it spreads to places where no surgery can be conducted
fugu pfeee · 1 year ago
good morning ma ccc. iri sei miviri. makazvimbirwa neshungu 😂😂😂😂 isu mazanu tinofara zvedu.
Dhara · 1 year ago
Pindula ndeye vanhu vasina data
fugu pfeee · 1 year ago
Saka iwe dhara hauna data kaaa 😂😂😂😂 ini ndakapihwa chicken slice na president first time in 27 years kuidya ndakafara chose ndikabva ndatoreswa chitupa chebepa ndokumhanya kundo register but chitupa chacho chabveruka chasara ka face chete pa Conner
jaya · 1 year ago
fugu ndipoo bsa kupurazi kwako
Anonymous · 1 year ago
Kufarira nhamo kunonga svosve nemuromo idyaika machicken tione
..... · 1 year ago
vanoera shumba ED huchi
FX VIPER · 1 year ago
mh**a
MUNODAWAFA ALEXANDER · 1 year ago
43 yrs kuchingonzi brick by brick chabuda hapana.
Wuto · 1 year ago
Iii nhaiwe munodawafa haunyare hr brick upon brick is only 5 years old
Zamu · 1 year ago
Hazvishamise kuzonzwa kuti Munodawafa WAFA amuka chaa chando
CC · 1 year ago
vanotaura zvelocal currency kuti tidzokere kunhamo ya008 here. Economy haina fembera fembera jahman let's return to legitimacy
..... · 1 year ago
@wuto, urutotaura chaizvo, rega tione kuti Shumba kuti vanodii, vane plan mukuru uyu.....asi Mnangagwa vakatogadzwa kaa awa, vatomuoffice zvee, ko masisi muripi, mainyepera vanhu venyu kuti haagadzwi vani, zvino aripi
Wuto · 1 year ago
Chimboedza tione iwe mdhara iwe togona kukushora iwe uine plan
· 1 year ago
MararaTGS is coming back by ginya. Garai Maisa mari ku NMB (National Mattress Bank)
Anonymous · 1 year ago
Shumba mukono
.... · 1 year ago
Mnangagwa huchi zvechokwadi, well done Shumba, Mwari mupenyu anokutungamirirai sekukugadzai kwakaita, aiziva zvaakauisirai ipapo, ndiye Mwari anoramba ****, Mwari asingadi vanhu vanofunga kuvarungu ndiwo vanovaka nyika yawo,
,,,,doot · 1 year ago
maPresident manyama , muchadzidza zvakawanda , nyika Ichivakwa brick by brick tozvikachete muhuchi nomukaka naShumba ED# Economic development
· 1 year ago
Hapana brick by brick apa He is the one leaking income from our resources. If he really meant what he said he should tell his Gold mafia frands that things have changed
· 1 year ago
ma 1 atotanga so m**** next year pachaiswa mutemo wekut ukaonekwa wakabata Mari yekunze unosungwa $us muchaita zvekurirota kuhope
,,, · 1 year ago
Like Mugabe he says what people want to hear but does not walk the talk. The wastage and looting will continue unabated.
Anonymous · 1 year ago
For sure
Anonymous · 1 year ago
Wezhira huya uzvionere tichitonga, tichidhla harugwa, mbeva nemagurwe tiri pa Fort V apa.
kkk · 1 year ago
idyai zvenyu vana venyu vagodxidyawo futi nevazukuru wenyu

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