Mono-currency has brought back normalcy: ED

Langton Nyakwenda in VICTORIA FALLS

PRESIDENT Mnangagwa says Government’s decision to abandon the multi-currency regime was a masterstroke as it has returned the country “back to normalcy.”

Addressing journalists covering the United Nations-African Union Wildlife Economy Summit here this afternoon, the Head of State and Government said it was incumbent on any sovereign country to have its own currency.

“Zimbabwe has gone back to normalcy, and normalcy is: a country must have its own currency,” said President Mnangagwa.

“We were living in an abnormal situation. . .

“The most critical point is if we are doing the right thing; we believe we are doing the right thing,” he said.

Government yesterday scrapped the multi-currency regime and made the Zimbabwe dollar – bond notes and RTGS balances – the sole currency for local transactions.

The move, which is ostensibly meant to pre-empt the re-dollarisation of the economy, is expected to facilitate the country’s economic development agenda.

According to President Mnangagwa, Government would not have made the move if the fundamentals needed to support the local unit were not in place.

“We only move when the fundamentals are correct . . . ukavona tofamba zvinenge zvagadzikana (when you see us move all the fundamentals are in place),” he said.