Mthuli Ncube, Mnangagwa in bond notes U-turn

Both President Emmerson Mnangagwa and new Finance minister Mthuli Ncube have ruled out the immediate return of the decommissioned Zimbabwe dollar, saying the country will for now continue to use bond notes and the multiple currency system until the local economy stabilises.

President Mnangagwa reassured the nation that the United States dollar will remain the bedrock of Government plans for accelerated reforms to address the multiplicity of challenges besetting the economy, chief among them cash and foreign currency shortages, as his administration moves to stabilise the economy.

Officially opening the First Session of the Ninth Parliament of Zimbabwe in Harare yesterday, following his election victory on July 30 this year, President Mnangagwa said the Government will double current efforts towards stabilising the volatile macro-economic environment.

This, the President said, will be done through measures to enhance foreign currency availability, improve liquidity, enhance Zimbabwe's investment attractiveness, instituting currency reforms, reducing National Budget deficit and ensuring gradual growth of all sectors of the economy.