Data provided by McGregor BFA
All data is delayed
Loading...
See More

No quick return to Zim dollar

Aug 07 2013 15:59 Malcom Sharara, Fin24’s correspondent in Zimbabwe
Zim dollars

Zim dollars. (Shutterstock)

Related Articles

Mugabe to up black 'wealth transfer'

Zim market dives on Mugabe re-election

Malema wants Zim style land grabs

Zanu-PF plans bank take-over after polls

Uncle Sam and Uncle Bob

Zuma and the Zim poll

 
Harare -There will be no quick return to the loathed Zimbabwean dollar, the Reserve Bank of Zimbabwe (RBZ) has said.

In a statement reacting to rumours circulating in the market and uninformed pronouncements suggesting the immediate or near term return of the local Zimbabwe currency, the RBZ said the multi-currency regime will be in use for the foreseeable future.

“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,” said the apex bank.

RBZ governor Gideon Gono said for the local currency to return there are preconditions which President Robert Mugabe has stipulated which must be fulfilled before the local currency returns.

Gono said a number of other deep-seated challenges which bedevilled the economy prior to 2009 are still around, hence the need to “stay the course”.

“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 elections.”

 - Fin24

 

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

robert mugabe  |  gideon gono  |  zimbabwe  |  africa economy
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
20 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're Talking About: Small Business

Standard Bank is looking for 12 entrepreneurs to participate in a 10-part TV series. They could win a R1m investment into their dream.
 
 

Madonsela to probe ANC food-for-votes claims

Public protector Thuli Madonsela has launched an investigation into whether the ANC has used state resources for its electoral campaign, says a report.

 
 

Latest elections multimedia

Why Jack Parow wants you to vote on 7 May
The ad the SABC doesn't want to air
Elections 2014 in one cartoon
This year's election posters

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...