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*Finance Minister Ncube Told That His Proposed Currency Reforms Not Possible* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?pj Newly appointed Minister of Finance and Economic Development, Mthuli Ncube is reported to have been told that his proposed currency reforms will not be possible in the near future. Ncube had said that he was looking at shelving the bond notes possibly before the end of the year. However, The Zimbabwe Independent reports, that Ncube was advised that this would not be possible as there is currently no alternative. Sources who spoke to The Zimbabwe Independent said, > Ncube held meetings to engage with stakeholders. He was not only told of the economic problems the country, companies and individuals were facing but that his currency proposals were dead in the water, at least for now. He was also told that government is in a deep fiscal crisis and how it was surviving through printing or creating money through quasi-currency instruments, running huge and certainly illegal borrowings with the central bank, and widening budget deficits to fund its runaway expenditures. In short, the government is living beyond its means and has created a huge financial mess which will not be easy to clean up. > …On the options advanced by Ncube, full dollarisation is a long short because for that to happen we need sufficient forex and liquidity in the economy; so where will the money come from? Joining the Multilateral Monetary Area will be impossible because Zimbabwe does not meet the convergence criteria, which include the fact that a member must have their own currency. There are also many other benchmarks. *Related:* *New Finance Minister Aiming To Implement Currency Reforms By Year End, Could Remove Bond Notes* *Over Time We Have To Bring Back The Zim Dollar: Mthuli Ncube Offers 5 Ways To Kickstart Zimbabwe’s Economic Recovery* *New Finance Minister Speaks On Zim Dollar Return, Clearing International Debt, Building Credit Lines* *Minister Of Finance Attracts Ridicule After Starting Crowd Funding Campaign To Raise Money For Cholera* More: The Zimbabwe Independent ---------- Latest *Samsung A06 128GB, 4GB* now available $110 To order, WhatsApp: wa.me/263715068543 Ruth: 0716 744 619, Leesa: 0713 133 298, Limbikani: 0772 464 000 ---------- _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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