Business / Economy
Multi-currency system to continue says Mangudya
29 Dec 2015 at 08:28hrs | Views
RESERVE Bank governor John Mangudya has urged the banking public to ignore messages circulating on social media platforms claiming the multi-currency system will be abolished.
Last week, a message claimed Cabinet and Parliament had approved the return of the Zim dollar while yesterday, another message claimed the US dollar accounts will be converted to Yuan.
Both US dollar and the Yuan are part of the multi-currency basket, which also include other seven currencies. The central bank chief said people behind the messages were "economic saboteurs" working against transformation of the economy.
"They just want to cause panic," said Mangudya. "People should just ignore the messages and should know that Zimbabwe will continue using multi-currency system. Yuan is part of the multi currencies and why should US dollar accounts be converted.
Zimbabwe adopted the multi-currency system in 2009 to curb runway inflation which peaked at 231 percent at the last official count in June 2008. Other currencies in multi-currency basket include, Indian rupee, Japanese yen, the Australian dollar, South African rand, Botswana pula, British pound and the euro.
Last week, a message claimed Cabinet and Parliament had approved the return of the Zim dollar while yesterday, another message claimed the US dollar accounts will be converted to Yuan.
Both US dollar and the Yuan are part of the multi-currency basket, which also include other seven currencies. The central bank chief said people behind the messages were "economic saboteurs" working against transformation of the economy.
"They just want to cause panic," said Mangudya. "People should just ignore the messages and should know that Zimbabwe will continue using multi-currency system. Yuan is part of the multi currencies and why should US dollar accounts be converted.
Zimbabwe adopted the multi-currency system in 2009 to curb runway inflation which peaked at 231 percent at the last official count in June 2008. Other currencies in multi-currency basket include, Indian rupee, Japanese yen, the Australian dollar, South African rand, Botswana pula, British pound and the euro.
Source - Herald
