11 September 2018

Zimbabwe: Ncube Pledges Zim-Dollar Return As He Begins Office As Treasury Boss

Photo: Columbus Mavhunga/VOA
Mthuli Ncube, Zimbabwe’s new finance minister, talking to reporters after taking oath of office in Harare.

Zimbabwe's new Finance Minister Mthuli Ncube has pledged to bring back the country's long abandoned currency in attempts to bring the once vibrant economy back on the rails.

Speaking just after swearing in at State House on Monday, Ncube promised to soon embark on "vigorous currency reforms" all aimed at improving the country's economic fortunes as well as making life easier for ordinary Zimbabweans.

The new Treasury boss pledged a monetary policy statement end of this month that would spell out the country's new direction in terms of currency reforms.

"We are going to have currency reforms and there will be a process," he said.

"There will be a road map. The first step you will see in the Monetary Policy Statement and that will come out at the end of the month. We will then progress from there.

"There are various options that we are looking at but, the ultimate goal is to get the Zimbabwe dollar back and then the issue of change will not be any issue.

"In the Zimbabwean dollar, there will be notes and coins and you can be assured to have your change."

The world renowned economist promised all his support to President Emmerson Mnangagwa's bid to turn the economy into a middle income one in the next few years through various economic strategies.

"We need to push forward for a stronger growth, restoring confidence in the economy, debt clearance, fiscal consolidation for at least three years, build credit lines, build reserves and to have a domestic currency.

"You need reserves, we need to live within our means, reduce expenditure or move towards that and restore fiscal balance."

He added, "In the process, I would be listening and consulting with the President and his deputies as well as listening to captains of industries to get what would work."

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