MDC-T to maintain the US dollar currency regime for 5 years

The Movement for Democratic Change led by Prime Minister Morgan Tsvangirai has said it would maintain the current US dollar-dominated currency regime during its first five years in power if it forms the country's next government

This was revealed Saturday by party secretary general and Finance Minister Tendai Biti during the MDC-T's three-day policy conference underway in Harare.

"We need to be definitive with the issue of currencies and the macro-economic indices. And we are making it very clear that for the time period of 2013 to 2018, and MDC government will retain the use of the US dollar as its currency," Biti told hundreds of party delegates.

"So the output period 2013 and 2018, the MDC government will use the US dollar as the anchor currency and its currency of reference. So to put it very clearly, unambiguously, unequivocally, the MDC government will not return the Zimbabwean dollar between 2013 and 2018."

The Zimbabwe dollar was ditched in 2009 after being rendered virtually worthless by hyperinflation which peaked at 79,600,000% per month in mid-November 2008. The country has used foreign currencies since, mainly the US dollar as well as the Botswana Pula and the South African Rand.