RBZ to bring more forex

RESERVE Bank of Zimbabwe (RBZ) Governor Dr John Mangudya says they will continue to source foreign currency to support the multi-currency regime, which is expected to remain in force for the foreseeable future.

This comes as the social media has been spreading deliberate lies that Zimbabwe was set to reintroduce a local currency from July 9.

Dr Mangudya said claims that the local currency would be reintroduced are "false and malicious", and designed to cause panic on the market. There is a feeling that illegal foreign currency dealers are behind the reckless messages, with a view to influence parallel market rates for foreign currency.

"The Reserve Bank of Zimbabwe dismisses the false article on the reintroduction of the local currency with the contempt it deserves," said the apex bank boss.

"Members of the public should ignore the social media article which has apparently been created and circulated by people who seem bent on manipulating parallel market rates for personal gain at the expense of the unsuspecting members of the public.

"The article is also circulated to cause unnecessary anxiety, panic, alarm and despondency within the national economy. The country will continue using the multi-currency system in line with Government policy and the bank shall continue to procure cash in foreign currency to support the multi-currency system."

Zimbabweans, just like some nationalities across the globe, have been using the social media irresponsibly, resulting in untold panic.

Last year, social media messages claiming there would be shortages of goods on the market led to unprecedented price increases towards the end of September.

Only recently, social media messages were blamed for spreading lies that the country had run out of fuel, advising motorists to stock whatever they could get.

Dr Mangudya, however, urged members of the public to use social media "appropriately and not for spreading false news".

In India, the government announced on Tuesday this week that it has approached WhatsApp to take "immediate action" to ensure the social media platform was not abused by citizens that spread unfounded claims.

It is understood that a recent spate of deadly mob attacks in India that have left almost 20 people dead mainly in rural areas, were sparked by reckless social media statements.

In the case of Zimbabwe, the recent false messages pertaining to the return of the Zimbabwe dollar touched-off a social media storm, with pseudo-economists criticising Government on the basis of inaccurate information.