HARARE – Zimbabwean will do away with the multiple currency regime – which includes the rand, US Dollar and other units – currently accepted as legal tender alongside the RTGS$ consisting of bond notes and electronic balances, President Emerson Mnangagwa said on Friday.
The state broadcaster, Zimbabwe Broadcasting Corporation (ZBC) also reported that Zimbabwe would introduce its own currency before the end of the year.
At an environment clean-up campaign in Harare South constituency Mnangagwa said: “We are getting to the point where we say even if you have US dollars or British pounds in your pocket it’s yours but when u want to buy you exchange it and use our currency, you will be informed more about that.”
He it was difficult for Zimbabwe to progress economically while using foreign currency as legal tender.
Zimbabwe was only getting forex earnings after export sales, diaspora remittances and from limited investments inflows. Companies and investors have been limiting exposure to Zimbabwe as the financial crisis in the country occasion challenges in remitting dividends and moving other funds from local markets.