Business / Economy
Zimbabweans sceptical over new currencies
11 Feb 2014 at 07:06hrs | Views
BULAWAYO residents have expressed mixed feelings and concern over the introduction of more currencies into the local multi-currency basket.
Speaking to Chronicle, some people around the city centre said the new currencies might bring confusion.
"I just do not understand why the government had to introduce the other currencies that we do not even know and they are not international currencies," said one resident identified as Patrick Mlotshwa.
He said these currencies would bring nothing but confusion to the consumers because the value of the new currencies was not clear.
"This will bring confusion; no one is sure about the value of this money. We as consumers are not even guaranteed that the money will be accepted in shops and other places where we need to pay our bills and other necessities," he said.
A boutique owner in the city centre Memory Sibanda said the new currencies would complicate business.
"This is going to complicate things for us, with the United States dollar and the South Africa rand we were able to go and order clothes and everything that we sell here without any problem because the dollar is an international currency which is not the same with these new currencies," she said.
She said the government should have engaged everyone through workshops to familiarise them with these currencies.
"The government should have embarked on national workshops to equip Zimbabweans about this new money before introducing it so that everyone would be aware of the changes and know the advantages of such a move," said Sibanda.
A kombi driver only identified as Dube said the move would promote informal moneychangers who in turn will continue to cause the liquidity crunch.
"This is not a good move at all because in a few days time you are going to see osiphatheleni all over the place and that is what is killing our economy. Business people are going to take advantage of those people who do not know the value and exchange rates of these currencies", he said.
However, economic analysts quoted in the different sectors of the media have welcomed the move saying it will boost trade with countries who use the same currencies.
They say that it will strengthen trade relations with the respective countries. The Reserve Bank of Zimbabwe (RBZ) recently approved domestic trading in the Chinese yuan (CYN), Indian rupee (INR), Japanese yen (JPY), and Australian dollar (AUD) in a move that will effectively make those currencies legal tender.
Speaking to Chronicle, some people around the city centre said the new currencies might bring confusion.
"I just do not understand why the government had to introduce the other currencies that we do not even know and they are not international currencies," said one resident identified as Patrick Mlotshwa.
He said these currencies would bring nothing but confusion to the consumers because the value of the new currencies was not clear.
"This will bring confusion; no one is sure about the value of this money. We as consumers are not even guaranteed that the money will be accepted in shops and other places where we need to pay our bills and other necessities," he said.
A boutique owner in the city centre Memory Sibanda said the new currencies would complicate business.
She said the government should have engaged everyone through workshops to familiarise them with these currencies.
"The government should have embarked on national workshops to equip Zimbabweans about this new money before introducing it so that everyone would be aware of the changes and know the advantages of such a move," said Sibanda.
A kombi driver only identified as Dube said the move would promote informal moneychangers who in turn will continue to cause the liquidity crunch.
"This is not a good move at all because in a few days time you are going to see osiphatheleni all over the place and that is what is killing our economy. Business people are going to take advantage of those people who do not know the value and exchange rates of these currencies", he said.
However, economic analysts quoted in the different sectors of the media have welcomed the move saying it will boost trade with countries who use the same currencies.
They say that it will strengthen trade relations with the respective countries. The Reserve Bank of Zimbabwe (RBZ) recently approved domestic trading in the Chinese yuan (CYN), Indian rupee (INR), Japanese yen (JPY), and Australian dollar (AUD) in a move that will effectively make those currencies legal tender.
Source - The chronicle
