CONTINUED USE OF MULTICURRENCY SYSTEM IN ZIMBABWE.

CONTINUED USE OF MULTICURRENCY SYSTEM IN
ZIMBABWE.
1. Reference is made to rumors circulating in the market and
uninformed pronouncements suggesting the immediate or nearterm
return of the local Zimbabwe currency by what-ever name.
2. This statement serves to emphatically dismiss those rumors
and to confirm that there are no plans whatsoever, within and
outside the Bank, for the immediate or near-term introduction of
new currency or re-introduction of the Zimbabwe dollar into our
system. As late as last week, at a press conference, His
Excellency the President clarified this issue, for the umpteenth
time, stating the same position as we are alluding to above and
adding that “when the time comes, we will be very cautious and
gradual about it."

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3. It may be the wishes of some stakeholders in debates, and this
is a free country where freedom of speech, thought or wish is
allowed, that the Zimdollar be returned immediately but these
are just wishes. The multi-currency regime will be with us for
the foreseeable future and in any case, when the time comes,
the local currency will circulate alongside other existing
currencies with people exercising their choice of currency to
hold.
4. Besides, there are preconditions which His Excellency the
President has stipulated, and these we publicized two weeks
ago,, which must be fulfilled INORDER to make the return of
the local currency technically feasible, financially viable to the
economy and economically sustainable. The Agenda in the
environment is focused on genuinely improving the livelihoods
of our people and economically empowering them in a fiscally
sustainable way. In my view, there is no reason to doubt that
sound economic policies will be introduced or pursued and
sustained by the new Cabinet soon to be appointed by His
Excellency the President.
5. Stakeholders are also advised that the multi-currency regime is
not an area of emotional choice or option but rather a measure
officially introduced in January 2009 as part of our adaptive
economic strategy and a pragmatic response to the challenges
of the day.

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While the hyper-inflation challenge is now a thing of the past, a
number other deep-seated challenges which bedeviled the
economy prior to 2009 are still with us, hence the need to stay
the course.
6. Accordingly, market players and the banking community are
urged to stop panicking and instead, get on with their boardroom
strategies aimed at prospering their companies and
selves in the wake of the new political realities which have been
ushered in by the recently concluded HARMONISED elections.
G.GONO
GOVERNOR
6 August 2013