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Govt Working On Raft Of Measures To Strengthen Zimbabwe Dollar - Mnangagwa

Govt Working On Raft Of Measures To Strengthen Zimbabwe Dollar - Mnangagwa

President Emmerson Mnangagwa has said the government is working on a raft of measures aimed at strengthening the Zimbabwe dollar amid the local unit’s sharp decline in value.

The Zimbabwe dollar was reintroduced in June 2019, after being ditched a decade ago (2009) following record-high hyperinflation of approximately 231 million per cent, as per official statistics, and has been shedding value since then.

Writing in his weekly column in The Sunday Mail, President Mnangagwa said he recently convened a meeting with experts to map the way forward after a recent spike in prices of basic commodities and continued loss of value of the local currency. He said:

As already indicated, a raft of measures will be announced shortly, including measures to increase confidence in the local unit. De-dollarisation will be managed carefully to avert disruptions.

In the wake of last week’s exchange rate turbulences and the resultant upward movement in prices, I met with my team of experts to analyse and review the current situation. To assist the process, we benchmarked our economy against several economies in our region and on our continent. Economies both larger and smaller than ours. The results were quite baffling.

Economies which earn far less than us by way of exports; import more than us; have larger GDPs requiring more imports, and with bigger populations, are enjoying more stable national currency than we do. Kenya is a case in point.

In 2021, our economy earned more than US$9,68 billion from exports. By contrast, the US$100 billion Kenyan economy earned US$6,74 billion for the same period. Our economy is a quarter the size of the Kenyan economy. We import far less than Kenya, while earning more from our exports than Kenya. Our population is less than half that of Kenya. Yet Kenya’s currency is more stable than ours.

He added that current currency instability had nothing to do with economic fundamentals.

He also said Zimbabwe’s tight fiscal policy has translated into a surplus position the Southern African country has not had since Independence. He said there is $28 billion in reserve money which is equivalent to US$116 million at current interbank foreign exchange rate of between $225 and $280 per one United States dollar.

The president added that the government will work hard to “further nurture the growing trust and confidence in the Zimbabwe dollar.”

More: The Sunday Mail

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23 Comments

Machiavelli 9 months ago

Mr. President Sir, it's all about confidence.
Confidence comes with trust.

You, unfortunately have neither.


economic analyst 9 months ago

true

VYBZ KARTEL 9 months ago

fighting fire with fire Mira uone the next policy

Ndini Ndadaroo 9 months ago

Confidence yechii..Munhu anoda kurowa ndi Biti na Chamisa. They are the ones who called for sanctions. they are the reason we are in this mess.

Tio4 9 months ago

@ndini ndadaro, funga semunhu mukuru ,ma sanction ndiwo adonhenza rtgs?, Iam Smith was under heavy sanctions zvekuti amuri kuti ma sanctions aya its a joke. Kana makarova biti na chamisa hazvichinje chinhu even makatora mbudzi dza Hopewell the Zimdollar will continue to plummet.u want to blame others yet its Zanu pf which has got us into this mess. Minerals right now are being mortgaged at zero costs and u blame ana Biti ??, ndovaka signer that agreement? Only a fool reasons like you.

Ndini Monya Racho 9 months ago

@Ndini Ndadaro....Iwe ma sanction aana kuiswa kuna 2001 first ma sanction akaiswa na Goerge Bush, by the time when Mugabe was ruling.....until today Its sanction ñ you're puting blame on opp party iwe apana chaunoziva ur born yesterday so be quiet ñ listen to us elders.

Jerk 9 months ago

With that being said ..I think it will take a long time to understand economics...I should go back to. High school


The Real Vaccine 9 months ago

Are we in Kenya
Is Kenya our friend
😀😀😀😀😀
Thela igcwale bhudas
🍺🍻🍶🏇🍹🍷


DeGreat 9 months ago

😹🤣😂ayigcwale

aaaa 9 months ago

hapana kwatiri kuenda senyika shuwa


politician 9 months ago

How many political elites have been jailed after being found guilty of squandering state resources? That alone drives away trust and confidence in the government.
Make your people accountable, do not pardon thieves because they're from my party.
Once you whip your own to tow the line, everything else will fall into place


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curious 9 months ago

ls mr Mangundya still at the reserve bank? if no, the local currency will start to gain shortly


Gafa 9 months ago

Chimwe chichaitwa chii chamusati mamboita chingamutsa bond renyu ramurikuti idoras .Zvaramba kutenderera muimba yeround


Bhobho 9 months ago

U can rig the election bt nevertheless cnt rig the economy


Dirigsme 9 months ago

U have tried command Agriculture,Command Education (CALA),command transport (ZUPCO),command Health( skilled rebhara) now you going headlong with command economy. It can't,it will not work it works.
I'm no economic guru or fundi but my little knowledge tells me that the answer to the ills in this country's economic quagmire lies in deZanunisation. In laymen's jargon get Zanu Pf out of every decision making process for only 365 days then you will see how things will do thega. Kungoti Zanu haisi kutonga kubva nhasi kusvika gore rapera tinonakirwa tikazvirega.
A million people will come back from the diaspora.
Zimbabwe for that period of deZanunisation will receive 6,5 million tourists who will come to see Mugabe's tombstone,the Zanu Pf Head Quarters, Auxillia's Angel of Hope and the 2 musketeers George Charamba & Nick Ndavaningi Mangwana. 80% of the visitors will hail from the UK isle and they will spend a lot of foreign currency sighting the dilapidated farms(Hondo yeChemurenga.


Bonzo 9 months ago

Vakomana nyika yakatanga kuenda Kuma were kuma90s pamakaita structural adjustment hupfu I hwenyika hukatanga kudonha maive makatsvinzinya here maiti zviri kuenda kupi Inga vaMapfumo vakatokuimbirai nyika yaita mamvemve mukati vanopenga ko Sandra Commission hamuna kuiona chii chaiitika aiva maSanctions futi kana maiuraya nyika nhai Zanu Pf weee munonyadzisa kunyepera kutsvaga muroyi pasina zvino nguva yakwana hokoyoi


pangonetsa 9 months ago

gadzirai zidollar rinorema 2kg zvekuti haungatakuri akawana kuendesa kumusika mutema


streetkid 9 months ago

kkk good idea for dr vostro & professor nostro

Chawabvunza 9 months ago

Whatever His Excellency President ED MNANGAGWA will do, salary increment is required because businesses are not going to lower their prices. Business owners are gullible. He failed to address the issue of blackmarket which is being fuelled by businesses and banks. Where do blackmarket players get rolls of new bank notes ? Unless he deals with these institutions, he will be wasting his time.

[ VOTE CCC FOR REAL CHANGE ].


shaya dzembongoro 9 months ago

izvi zvafanana nevaye vakapedza 3 days vachitova chitunha vachiti chichamuka kusvika chavekuora... hapana hapana zim currency yakaora 😂


hwinza 9 months ago

iwe unoda shamhu inemhunyu ...pamberi ne zanu pf


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