adminDumped at the height of Zimbabwe’s economic crisis with the adoption of a basket of multi-currencies in 2009, some sections of the population are calling for the return of the Zimbabwean dollar as the economy struggles to shrug of crippling liquidity challenges.
The United States dollar and the South African rand are the major currencies in circulation in the economy.
“The discussions that we have had at the CZI confirm that the question of a currency should not be a priority at this stage,” CZI president Mr Kumbirai Katsande said.
He was responding to questions from the Parliamentary Portfolio Committee on Industry and Commerce.
He said there were other pressing fundamental issues that the Government should address.
The Zimbabwean economy is relatively stagnant after registering positive growth in the last three years.
Minister Biti, who has said the economy was facing serious challenges which were impacting on anticipated growth, is expected to announce a revision in economic growth figures when he announces the mid-term fiscal policy next week.
“Until our economy is performing such that ordinary people have confidence in the local currency, we cannot talk about that,” said Mr Katsande.
He said the local currency had been abandoned because the people no longer had confidence in it.
Due to hyper inflation, the local currency ceased to be functional as people began to trade using foreign currencies forcing Government to formally adopt them.
Zimbabweans are yet to be compensated for their local currency balances locked in banks after it was abandoned.
Finance Minister Tendai Biti has said there was a possibility the local currency might never be re-introduced as the Southern African Development Community (Sadc) moves towards regional integration with possibilities of adopting a common regional currency. — New Ziana.
Online Reporter