Zim Dollar To Be Recognized Internationally: RBZ

The Reserve Bank of Zimbabwe (RBZ) has that it is currently working on measures to ensure that the newly reintroduced Zimbabwe Dollar will be recognised across the whole world.

NewsDay reports that RBZ director of research John Mafararikwa told a meeting organised by the Institute of Chartered Accountants of Zimbabwe that:

We have sent messages to international organisations about our currency to say we now have the Zimbabwe dollar so pretty soon they will now say the currency of Zimbabwe, is the
Zimbabwe dollar. When it comes to convertibility, the Zimbabwe dollar would be recognised outside Zimbabwe.

If you have the Zimbabwe dollar, you approach your bank if want to travel outside the country or import, you go to the bank to get foreign currency before you travel. The key is that you should make the interbank work.

However, prominent economist and former MDC legislator Eddie Cross said that there was still a long way to go as there was no transparency on the interbank rate. Said Cross

I think we have got a long way to go yet … Once we have got a bit of stability and a genuine market rate because contrary to what the RBZ said today, there is no market for the interbank. They (banks) are all doing their own thing individually, then they consult each other afterwards and decide what average price to announce.

So there is no transparency and I think we have got to get that right…until that happens, they (international organisations) will not treat us seriously.

-Newsday