DISASTER, Zim Dollar back via back door: Tendai Biti

MDC Principal Tendai Biti, the man who broke news about the new Zimbabwe currency has come out guns blazing against RTGS Dollars warning that the Harare regime needs to work on fundamentals first before introducing new money.

Below is his statement made via social media:

Modern functional States are founded on trust and transparency. That clearly is not part of the DNA of ZANU. The regime today disingenuously and mendaciously de – dollarized the economy by informally re-introducing the Zim dollar now called the RTGS dollar through the back door.

It is a disaster to embark on currency reform in the absence of key fundamentals to back that currency. These include market confidence, reserves, a decent Capital account, and a stable macroeconomic environment. This is elementary

Regrettably, the economy now enters another period of self-induced shocks that will see salaries and values being devalued, hyperinflation, shortages and queues. What a dog’s breakfast!!!