Dollarisation the new normal for Zimbabwe, says RBZ

Reserve Bank of Zimbabwe Governor John Mangudya says the lack of competitiveness and negative perception besetting the economy were not a currency problem, but a production phenomenon.

The RBZ chief said to succeed under dollarisation, the country needed to go back to basics, a process which might be painful, but a necessary strategy that requires the country to hold on and push back in a number of areas.

That includes pushing back costs; bank charges, electricity, water, rates, to drive national competitiveness and recovery of domestic industry under a value system of transparency, accountability, integrity and patriotism.

He said that there was need for simultaneous mobilisation of financial resources to increase investment, production, exports and create employment.

The country also needed deep integration, he said, into the global economy through simplified and improved ease of doing business conditions.

The RBZ boss said everyone should rally behind the national vision to transform the economy through beneficiation and empowerment of the majority.

This, he said, implied creating more jobs, ensuring high productivity, growth of exports, high investment and building confidence in the economy.