Zero Pindula

WhatsApp Message

*Biti Warns Zimbabwe Against Abandoning US Dollar For BRICS' Proposed Alternative Currency*
https://www.pindula.co.zw/2023/09/18/biti-warns-zimbabwe-against-abandoning-us-dollar-for-brics-proposed-alternative-currency/?article

The former finance minister of Zimbabwe, Tendai Biti, has cautioned President Emmerson Mnangagwa‘s administration against abandoning the US dollar for an alternative currency as they consider joining BRICS. Biti warns that de-dollarisation could have negative consequences for the country.

BRICS is a bloc of emerging economies including Brazil, Russia, India, China, and South Africa. Zimbabwe has applied for BRICS membership, which recently accepted six oil-producing nations.

----------
*itel S23 - $119*
128GB storage, 8GB RAM (+8GB Extended)

_*Zero Deposit for Civil Servants, Pensioners*_

WhatsApp: 0️⃣7️⃣7️⃣2️⃣ 4️⃣6️⃣4️⃣ 0️⃣0️⃣0️⃣
----------

Zimbabwe Reiterates Willingness To Join BRICS
BRICS Add 6 More Countries To The Bloc
Zimbabwe Wants To Become A BRICS Member

Biti argues that Zimbabwe lacks the necessary conditions to transition away from the US dollar and warns that such a move could lead to economic disaster. BRICS aims to challenge the dominance of the US dollar by introducing a gold-backed international reserve currency. Biti said:

_The regime is intent on de-dollarization. This move will be an absolute disaster and will cost workers and pensioners._

_Conditions for de-dollarisation don’t exist._

_Move is a zany attempt to follow the global de-dollarization agenda being pursued by BRICS and other new world order advocates._

Zimbabwe currently relies on a multi-currency system, with the US dollar being the preferred choice due to a fragile and volatile domestic currency. The Zimbabwean dollar has faced challenges such as inflation, corruption, and a lack of investor confidence in the ZANU PF-led administration. Financial analysts anticipate a significant depreciation of the local currency, both in the official exchange rate and on the black market, when the government releases its outstanding payments to contractors. This is expected to have an immediate impact on the value of the Zimbabwean dollar.

*More Pindula News*

*Featured Products*

*Join group (only admins):* https://chat.whatsapp.com/JogznBrPPK11ToGZOOnGUO
 _News, Studio 7 Shona & Ndebele_

Give us Feedback