Zimbabwe: Ncube Denies Zimbabwe Dollar Facing Local Resistance

Bond notes.
23 November 2019

FINANCE Minister Mthuli Ncube Friday dismissed claims the newly reintroduced Zim-dollar was being rejected by locals, amid government threats to use laws to enforce the use of the national currency by businesses.

Ncube made the remarks during a press briefing in Harare Friday.

"It is not correct or true to say that the local currency has failed. The truth is people are actually looking for the Zim-dollar and are failing to get it and those are the facts.

"Secondly, there is need to understand that it is not easy to de-dollarise successfully because we have just come out of the US dollar regime and it is still too close. So, these challenges are very normal," he said.

Ncube's deputy, Clemence Chidawu concurred, adding that the process of de-dollarising was not going to be a walk in the park.

He added, "The country already has a number of laws which tell what must be done when people fail to comply. So, a raft of measures will soon come out to enforce compliance."

Chidawu also said Zimbabwean firms will soon be required to declare their sources of foreign currency when declaring their imported goods at all ports of entry.

Zimbabwean businesses, big and small, have defied government directives to charge their goods and services in local currency, preferring the much more stable US dollar.

Landlords are also demanding rental payments in US dollars.

For those still accepting Zimbabwe currency payments, they have pegged their charges using prevailing US dollar black market rates.

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