Minister of Finance and Economic Development Mthuli Ncube has said the government has is not going to dollarize the economy as this would be admitting defeat. Ncube also hinted that the government will be introducing its own currency within the next 12 months. The minister, however, said that the move will be done stealthily. Speaking at the Global Shapers Community meeting held at the Celebration Center on Friday, Mthuli said,
“We should be close on currency reforms. It will happen by stealth because we can’t. Currency reforms started in October 2018 but we didn’t have fiscal discipline in place. We won’t capitulate to the USD but have currency reforms.
“We are less than 12 months away from currency reforms…I m now comfortable with the fiscal side in austerity measures. I even contemplate easing taxes in the next 2/3 years. We can’t have austerity forever. What’s left now is the heavyweight lifting on the monetary policy side. Dollarisation would be capitulation. We need own currency(Zimbabwe dollar),” said Mthuli Ncube.
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