Breaking News

New Zim currency expected this week

by Mandla Ndlovu
11 February 2019 | 24259 Views
Former Finance Minister Tendai Biti has revealed that government will be introducing a new currency this week as promised by current Finance Minister Mthuli Ncube that the country will soon adopt its own currency.

"The regime will this week introduce a new Zimbabwe currency not backed by any reserves and without the context of structural reforms which a prerequisite of currency reform .That move is pure undiluted insanity . An unbanked currency is just the bond note by another name." Biti said on Monday.

Biti further revealed that while fundamentals are important in currency introduction, it is important for the market to have confidence in the system and current there is no confidence on Mnangagwa's administration.

"There is no country in the world that has involuntarily dollarized that has ever succeeded in de -dollarizing. Zimbabwe will not be the first .Whilst a currency is about fundamentals, ultimately the most important fundamental is confidence, there is absolutely no trust in this regime

"Considering the harm and damage inflicted on this economy by its Central Bank over the years to now, the question to be posed is , does Zimbabwe really need a Central Bank ? In my submission, it can and will do without one."




Addressing a Town Hall meeting with organized by Global Shapers Community Harare Hub at Celebration Centre in January Minister Ncube said Zimbabwe will adopt its own currency within twelve months.

"We should be close on currency reforms. It will happen by stealth because we can't. Currency reforms started October 2018 but we didn't have fiscal discipline in place. We won't capitulate to the US$ but have currency reforms. We are less the 12 months away from currency reforms." Mthuli Ncube said then



New currency Tendai Biti Mthuli Ncube

Source: Byo24News

Comments

Latest News

Whats would Mnangagwa get in abducting Gonyeti?

by Staff reporter | 24 August 2019 | 1 Views

Coltart still detained

by Mandla Ndlovu | 24 August 2019 | 3 Views

Sick General Chiwenga returns home?

by Mandla Ndlovu | 24 August 2019 | 5 Views

Zimbabweans ignorant - Trevor Ncube

by Staff Reporter | 24 August 2019 | 5 Views

Chamisa visits jailed Chief Ndiweni

by Ndou Paul | 24 August 2019 | 6 Views

'God is not happy with Mnangagwa' Chiwenga says

by Mandla Ndlovu | 24 August 2019 | 4 Views

'Chief Ndiweni could be poisoned in prison'

by newzimbabwe | 24 August 2019 | 12 Views

Pastor 'expels' congregant for not tithing? - A REVEREND with Church o...

by Staff reporter | 24 August 2019 | 14 Views

Businessman sleeps with own mother to boost wealth - A businessman fro...

by Staff reporter | 24 August 2019 | 9 Views

Afcon renegades blacklisted

by Staff reporter | 24 August 2019 | 4 Views

Tenant locks landlord out of house - A Bulawayo woman regrets offering...

by Staff reporter | 24 August 2019 | 6 Views

Woman miscarries after being kicked over $1,50 - A THREE months pregna...

by Staff reporter | 24 August 2019 | 4 Views

Policeman flees to a toilet for safety - In a dramatic incident a poli...

by Staff reporter | 24 August 2019 | 4 Views

Children accuse mother of witchcraft

by Staff reporter | 24 August 2019 | 16 Views

Woman threatens to kill ex-lover's pregnant wife - There was drama in ...

by Staff reporter | 24 August 2019 | 5 Views

Police crush teachers' demo - POLICE yesterday ruthlessly crushed a de...

by Staff reporter | 24 August 2019 | 12 Views

Illicit brew kills one, 3 hospitalised - One person died at St Alberts...

by Staff reporter | 24 August 2019 | 4 Views

Mnangagwa urges farmers to adopt new technology - President Emmerson M...

by Staff reporter | 24 August 2019 | 5 Views

Mudenda's Gukurahundi remarks ignite storm - A PROPOSAL by Speaker of ...

by Staff reporter | 24 August 2019 | 1 Views

Kazembe Kazembe fights for his party position

by Staff reporter | 24 August 2019 | 1 Views

Chamisa ally to spend weekend in remand prison

by Staff reporter | 24 August 2019 | 4 Views

Man (32) subjects woman (61) to bizarre 'rape ordeal' - A 32-YEAR-OLD ...

by Staff reporter | 24 August 2019 | 13 Views

Zanu-PF Masvingo seeks Zivhu expulsion

by Staff reporter | 24 August 2019 | 1 Views

Technical faults at Hwange cause for prolonged load shedding

by Staff reporter | 24 August 2019 | 6 Views

Econet closes shop in 13 countries - BILLIONAIRE and Zimbabwe's teleco...

by Staff reporter | 24 August 2019 | 5 Views

Kambarami didn't have powers to suspend Town clerk, says High Court

by Staff reporter | 24 August 2019 | 3 Views

Entertainment

Top 5 PS2 ISOS to play with friends you can get right now

by Staff Writer | 21 August 2019 | 145 Views

Rebecca Malope retires

by Mandla Ndlovu | 20 August 2019 | 5845 Views

Zimfest delivers another 'phenomenal' festival

by Tidi Kwidini | 07 August 2019 | 640 Views

Should you be betting on reality TV show outcome too?

by Staff Writer | 05 August 2019 | 95 Views

WATCH: Jah Prayzah featuring Iyasa Sadza nemuriwo song

by Mandla Ndlovu | 23 July 2019 | 5732 Views

Muvhango star Marang Phala visits Prophet Sovi's church

by Mandla Ndlovu | 22 July 2019 | 9660 Views

Pure Black set to take Africa by storm

by Mandla Ndlovu | 04 July 2019 | 1004 Views
iBlog

Greatsoftline For All Of Your Software Needs

coupon and promo codes: greatsoftline for all of your software needswhile some online sellers have promotional services that reduce the overall amount you spent, others do not .you need to be on the lookout for the best outlets in order to chase th... Read More
ITnews 25 February 2015 ago

Five Reliable Outlook Pst File Repair Tools

Outlook pst files can become corrupted -- and when that happens, work grinds to a halt. if your organization relies on outlook, one of these tools could save the day. outlook is the industry standard groupware tool. let's take a look at five that can... Read More
ITnews 04 May 2015 ago