Categories: Zim Latest

Mthuli Ncube calls Zimdollar ‘useless’ money as inflation sinks teeth

 

In a shocking twist of things, Finance Minister Mthuli Ncube says the country’s local currency, the Zimdollar is bad money which should be done away with.

Speaking in a video that has since viral, Ncube says the Zimdollar is driving away good money, calling it a surrogate currency.

His comment comes at the time the local currency is losing its purchasing power at an alarming rate, with prices of basic commodities skyrocketing.

Meanwhile, renowned world economic analyst Steve Hanke is on record calling on the Harare administration to dump the Zimdollar and fully dollarise.

Be that as it may, President Emmerson Dambudzo Mnangagwa’s spokesperson George Charamba recently confessed that the country’s economy is now fully dollarised.

According to the recent Reserve Bank of Zimbabwe foreign currency auction results, the Zimdollar is trading at US$1= ZWL1 888.

Zwnews

Share

Recent Posts

Zimbabwe has world’s second-highest food price, WB

The World Bank says Zimbabwe has the world's second-highest food price inflation rate, at 26… Read More

18th March 2024

Men should never use alarms to wake them up, should always provide for their women no matter what, Shadaya Knight

Renowned social media influencer Shadaya Knight says men should never use an alarm to wake… Read More

18th March 2024

Zim launches mineral commodities exchange on VFEX

Zimbabwe is set to launch a mineral commodities exchange on the Victoria Falls Stock Exchange… Read More

18th March 2024

Former NetOne boss, Kangai implores gvt to take drastic measures on looters of public funds

Former NetOne boss Reward Kangai has implored the National Prosecuting Authority (NPA) to take decisive… Read More

18th March 2024

Ex Zimbabwean deputy PM Mutambara publishes new book on AI

Former Zimbabwean deputy Prime Minister Arthur Mutambara has announced the release of a new on… Read More

18th March 2024

AI in Zim: The future is now

By Naison Bangure LAST week, James Manyika (pictured), a Zimbabwean-American and Google’s first senior vice-president… Read More

18th March 2024