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Biti: Zimbabwe Should Dollarise But Retain Zim Dollar

Biti: Zimbabwe Should Dollarise But Retain Zim Dollar

Former Finance Minister Tendai Biti has said Zimbabwe should dollarise but retain the Zimbabwe dollar so that the local currency serves as change while the United States is used as a storer of value.

Speaking during an interview at New Zim TV’s premier weekly show, The Agenda, Biti, who is Citizens Coalition for Change (CCC) vice president, said the Government should abolish the foreign currency exchange auction and allow the rate to be determined by market forces. He said:

Dollarise but retain the Zimbabwe dollar, abolish the auction floor so it finds its natural mark in the market. They dedollarised when the fundamentals were not in place.

There is no country that involuntarily dollarised which has been able to dedollarise because it is a confidence thing…what you can do is you dollarise, bring your currency so it serves as change, as a transactional instrument not as a storer of value, value continues being kept by the hard currency.

If Mangudya thinks he can do it, then he is a fool.

It is a confidence thing, we do not have confidence in Mnangagwa and that man with a high propensity to lie, [Mthuli] Ncube.

Biti, who was the Finance Minister in the Government of National Unity (GNU) between 2009 and 2013, said “ginyanomics” will not work.

Ginyanomics was in reference to the sort of economics practised by President Emmerson Mnangagwa’s government. Said Biti:

I always argue Ginyanomics do not work…there will be an implosion. Every tax is now in US dollars, even number plates are in US dollars, passports are in US dollars, so they are completely dishonest people, they are completely mendacious people, they are necrophilia, it is a disaster.

Biti said Zimbabwe has no surplus to talk about as it was being calculated in the local currency.

The aspiring Harare East legislator noted that parliament has assumed a ZWL$3.4 billion debt from the central bank despite the surplus.

More: NewZimbabwe.com


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9 Comments

Tkt 3 months ago

@Zodok, & other like-mimded......

Guys it is not for the citizens to chose what currency they want to use, hakuna DEMOCRACY yakadaro GLOBALY.

As for dollarization i agree with you that we have already did so, but never are we heading for FULL-DOLLARIZATION but Partial, i've always said this since #2020 after some Economics findings with case studies, in simple terms using a Foreign Currency zvakanaka with serious implications in the long run

The only Problem with Dr Nostro and Prof Vostro is their fixing of the Foreign Exchange market like what Hon.BITI has just alluded, that having been done and a few more measures the Exchange rate will stabilize until REAL GROWTH is achieved


Tkt 3 months ago

GOOD AFTERNOON COMRADES
Well Well, for once the Gentleman has woken up from his long sleep.

The sitting Gvt has always said that they are not going to dump the local currency which if any read my morning post, what i said about him during his tenure as Fin-Guru. he shouldn't have dumped the local currency but should have worked with the multi-currency regime or just adopt one currency to work hand in hand with the Local$

For once i concur with MR TENDAYI BITI, this is just what be done. a step in the right direction, WELL DONE BITI


Z💛D💛CK CHIKAP💛NYA 🇿🇼🇿🇼🇿🇼 3 months ago

The Citizens are the ones who determine which currency is to be used. Whether you love it or not US is now our currency, we have faith in the US.

Mthuli and the rest of Zanurians you can use your RTGS, but as for us the CCCians give us the US, that way we can work along.

You are forcing us touse a tried and tested failed currency, you clearly take us for dumb heads like your fellow brothers Tkt, Vybz, Nope taramba tipeyi US imi shandayi nechenyu chikwambo icho.

Kana wanga usingazive inonze a failed state, or failed governance now you clearly have an opportunity to witness this one. Zanu has failed this country and so did this government.

Zanu time up, High time we move forward CCC for Change 👍

CCC is the future


Maravaza 3 months ago

Dollarization is already in and unavoidable, we are awaiting for Mangudya and Mthuli to officialize it. Most gvt services charge in forex, vendors also price their wares in green back. Converting part of the Civil servants salaries is a good start to dollarization.


WILLIAM SONBOY CHINEMBIRI 3 months ago

I TEND TO AGREE WITH FORMER FINANCE MINISTER, TENDAI BITI, THAT ZIMBABWE DOLLARISES AND KEEP RTGS CIRCULATING AS CHANGE.

RBZ'S PROBLEM LIES IN ITS FAILURE TO KILL MONEY CHANGING WHICH IS SETTING PARALLEL BLACK MARKET RATES.

THIS IS WHY I AM IN SUPPORT OF ADVOCATE TENDAI BITI.

YOURS TRULY
CDE KUFA KWANGU ZVAROVA
[ THE BUSH LAWYER ]


Vybz Kartel 3 months ago

Vaukuri ukurai Zim Dora hakuna kwainoenda


Bhabhidho 3 months ago

As for dollarization; forget it as long as you don't export zimboz. Mukai! Every country is busy with it's own currency. Let's be busy nezveduwo


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Sponono 3 months ago

Pamberi ne zanu pf

Pamberi nekubatana

Pasi na ccc


Sponono 3 months ago

Pamberi ne CCC

Pamberi nekubatana

Pasi na ed pfe



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