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*Ditch Zimbabwe Dollar And Adopt The Rand - ZCTU*

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Workers have slammed Finance and Economic Development Minister Mthuli Ncube’s announcement that he would set up a currency stabilisation task force and also introduce a managed floating rate system.

Zimbabwe Congress of Trade Unions (ZCTU) secretary-general, Japhet Moyo argued that the value of the Zimbabwe dollar will likely plummet, resulting in inflation and the erosion of workers’ purchasing power. He said:

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> What the introduction of a managed floating exchange rate system means is that the cartels who have the foreign currency in Zimbabwe will decide to sell at a rate they deem fit and this can escalate to 50, 100 or even 200.

> Businesses need foreign currency in order for them to import commodities, and if the rate to purchase foreign currency goes up, the prices of basic goods will also go up.

> As we all know, this will result in the further erosion of salaries … and workers will continue suffering.

Moyo called for the scrapping of the Zimbabwe dollar and the return of the multi-currency regime or better still the adoption of the rand.

Former Finance Minister Mthuli Ncube told the Daily News that the parallel rate will hit 1:100 in just a few weeks and this will prove that Mthuli Ncube has failed.

*More: Daily News*

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