13/02/2011 00:00:00
by Business Reporter
Sticking with it ... Arthur Mutambar
DEPUTY Prime Minister Arthur Mutambara has said Zimbabwe will continue to use foreign currencies until capacity utilization improved to levels that can support the value of a local currency.
Mutambara said Zimbabwe should continue to pursue various economic reforms before rushing into making currency changes.
He was addressing delegates who attended a recent London Stock Exchange symposium in Harare.
Once considered among the highest value currency units in the world when it was it introduced in 1980, the Zimbabwe dollar was ditched in 2009 when it was virtually worthless, battered by political turmoil in the country and hyper-inflation.
The country has been using foreign currencies since with the Botswana Pula, the South African Rand and the United States dollar among the most popular.
Mutambara said the policy not to have a local currency in the interim was shared by principals in the inclusive government.
“Our desire is that the Zimbabwe dollar should not come back until we deserve a currency,” said Mutambara.
“At the moment we don’t deserve to have our own currency. Maybe in 2015 or 2020 can we start thinking of our own currency.”
He however conceded that there was no guarantee the policy would not change after elections widely expected sometime this year.
by Business Reporter
Sticking with it ... Arthur Mutambar
DEPUTY Prime Minister Arthur Mutambara has said Zimbabwe will continue to use foreign currencies until capacity utilization improved to levels that can support the value of a local currency.
Mutambara said Zimbabwe should continue to pursue various economic reforms before rushing into making currency changes.
He was addressing delegates who attended a recent London Stock Exchange symposium in Harare.
Once considered among the highest value currency units in the world when it was it introduced in 1980, the Zimbabwe dollar was ditched in 2009 when it was virtually worthless, battered by political turmoil in the country and hyper-inflation.
The country has been using foreign currencies since with the Botswana Pula, the South African Rand and the United States dollar among the most popular.
Mutambara said the policy not to have a local currency in the interim was shared by principals in the inclusive government.
“Our desire is that the Zimbabwe dollar should not come back until we deserve a currency,” said Mutambara.
“At the moment we don’t deserve to have our own currency. Maybe in 2015 or 2020 can we start thinking of our own currency.”
He however conceded that there was no guarantee the policy would not change after elections widely expected sometime this year.
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