6 February 2018

Zimbabwe: Imminent Return of Zimbabwe Dollar Ruled Out

Cape Town — A ZIMBABWEAN cabinet minister has ruled out the revival of its currency in the short term.

Willard Chitando, the Mines and Mining Development Minister, ruled out such prospects while presenting on Tuesday at a breakfast dialogue in Cape Town, South Africa.

Zimbabwe's mining ministry held the event in partnership with Africa Chrome Fields to explore opportunities in the sector under the new administration of President Emmerson Mnangagwa.

Chitando ruled out Zimbabwe reviving its defunct Dollar for the sake of having its own currency.

"For Zimbabwe to have its own currency, it has to be a currency that can be supported by fundamentals," the minister said.

Chitando hinted at the southern African country eventually reintroducing the Dollar, amid immense optimism with the coming in of Mnangagwa's government.

"Nonetheless, every country ought to have its own currency, " Chitando said while ruling such implementation at a short term.

Zimbabwe has in the past decade adopted a multi-currency system after the demise of the dollar (Zimbabwe Dollar).

This followed record hyperinflation at the height of economic problems. The United States Dollar is the dominant currency. - CAJ News


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