Business / Economy
Zimbabwe to decide on joining the Rand Monetary Union
22 Apr 2011 at 07:26hrs | Views
The government is expected to reach a conclusion whether or not to join the rand monetary union (RMU) or to continue with the multi-currency system, a Cabinet minister has said.
If the government decides to join the RMU, the South African rand would become the official currency.
The issue of Zimbabwe joining the RMU has attracted a lot of attention among economists and policymakers in the country and has been received with mixed feelings.
Speaking at a function at a Confederation of Zimbabwe Industries breakfast meeting on Wednesday this week, Industry and Commerce minister, Welshman Ncube said the Finance ministry was still investigating the union and would thereafter compile a report.
The country adopted a multicurrency system in 2009, resulting in the use of a cocktail of currencies including the rand, pula, United States dollar and British pound as legal tender.
If the government decides to join the RMU, the South African rand would become the official currency.
Speaking at a function at a Confederation of Zimbabwe Industries breakfast meeting on Wednesday this week, Industry and Commerce minister, Welshman Ncube said the Finance ministry was still investigating the union and would thereafter compile a report.
The country adopted a multicurrency system in 2009, resulting in the use of a cocktail of currencies including the rand, pula, United States dollar and British pound as legal tender.
Source - Byo24News
