President Emmerson Mnangagwa has said his Government will soon come up with measures that will ensure that the bulk of local transactions are done using Zimbabwe dollars instead of US dollars.
Addressing thousands of ZANU PF supporters in the Muzvezve constituency on Thursday, Mnangagwa said his Government will punish businesses that manipulate the Zimbabwe dollar and wantonly hike prices. He said:
We are saying to our industrialists such as Innscor, that any investor who comes into the country should buy whatever he wants in Zimbabwe dollars.
We are putting measures to make sure that we deal once and for all with companies that are manipulating the local currency.
We also have locals who are indiscriminately raising prices, punishing the people but we are going to put measures that will ensure that our currency will be sought after and that the US doesn’t dominate.
Mnangagwa mocked the United States of America and its allies, saying they have met their match in Russian President Vladimir Putin and the dominance of the US dollar globally will soon end. He said:
On the issue of price increases, we used to have our own dollar. When we were sanctioned, our country’s currency was attacked by Western countries who have powers in terms of controlling money.
The money lost its value and we adopted the US dollar which we have since left behind.
Now they (the Western world) have met their match in (Russian President Vladimir) Putin who is demanding payments for gas and oil in (the Russian currency) roubles instead of the US dollar that has governed global trade for the past 60 years.
Russia is a big country whose economy affects the world economy, there is now a new world order that includes Russia and China.
On Friday, Russian Deputy Prime Minister Alexander Novak said several buyers of Russian gas have agreed to switch to payments in roubles, reported Reuters.
The announcement came after Putin said last month that buyers of Russian gas from “unfriendly” countries should pay in roubles.
The move was rejected by European Union authorities under the bloc’s sanctions regime against Moscow.