RBZ on bringing back Zim multi-currency system

Reserve of Zimbabwe (RBZ)’s number 2 Mr Jesimen Chipika has underplayed prospects of the return of the multicurrency system which was outlawed on 24 June this year.

Chipika said that the Zimbabwe dollar which was reintroduced through Statutory Instrument 142 of 2019 was stabilising the economy and was part of the structural adjustment measures the country is embracing to address the financial crisis.

Speaking to captains of industry and commerce during her presentation at the 2019 bankers and banking survey launch in Harare this Thursday, Chipika said:

The Zimbabwe dollar may not be perfect but we are getting there.

We have seen the reduced trading of foreign currency on the black market and we are seeing stronger demand for the local currency.

The government, on the other hand, is reportedly in the process of printing the new currency which can be expected on the market anytime this year.

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