Reserve Bank of Zimbabwe Reserve Bank of Zimbabwe

Zimbabwe: No return of local currency yet, Zimbabwe central bank says

Jul 06, 2018

Governor of the Reserve Bank of Zimbabwe John Mangudya said that there were no plans to re-introduce local currency as purported in messages being posted on social media.

A letter supposedly written by deputy minister of finance Terrence Mukupe to "all citizens and line ministries" and circulating on social media said that the government had resolved to revert to the use of local currency with effect from July 9.

However, Mukupe has since dismissed the letter as false and an attempt to smear his character.

Mangudya weighed in Wednesday dismissing the social media messages and accusing illegal foreign currency dealers of trying to cause confusion in the economy.

"Members of the public should ignore the social media article which has apparently been created and circulated by people who seem bent on manipulating parallel market rates for personal gain at the expense of the unsuspecting members of the public.

"The article is also calculated to cause unnecessary anxiety, panic, alarm and despondency within the national economy," he said.

He gave assurances that the country would continue to use the multi-currency system in line with government policy.

Zimbabwe has a multi-currency basket comprising the Euro, U.S. dollar, British Pound, Australian dollar, Canadian dollar, Chinese yuan, Indian rupee, South African rand and Botswana pula, although the more tradable currencies are the U.S. dollar and the rand.

Source: Xinhua

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