News / National
Joice Mujuru speaks out
24 Jun 2019 at 20:04hrs | Views
Former Vice President Joice Mujuru says the statutory Instrument 142 of 2019 gazetted by Finance and Economic Development Minister Mthuli Ncube on Monday will not work.
Ncube on Monday banned the multi currency system and introduced a new currency called the Zimbabwe Dollar.
Said Mujuru, "We can't work with miracle economic policies, no it won't work waking up RTGS and Bond now being Zimbabwe Dollar. That is illegal and l once said it."
The Opposition MDC said the government has ambushed the nation by imposing the new dollar.
"Despite government's promise that it would introduce a new Zimbabwe currency in the next nine months while it addresses the fundamentals, the regime today just ambushed the nation and reintroduced the Zimbabwean dollar as the only legal tender in local transactions. This means that the multi-currency regime, which provided some modicum of decency and predictability, has been thrown out of the window in favor of the volatile local currency that is not backed by adequate gold and foreign currency reserves.
"In spite of SI 142, it is important to state that trust and confidence, which any transacting public must have before they use a currency, cannot in themselves be gazetted.
Today's decision shows the lack of coherent, prudent and predictable policy, which is important to retain trust and confidence in a country's economy. Policy consistency and predictability are key tenets for any economy to succeed."
Ncube on Monday banned the multi currency system and introduced a new currency called the Zimbabwe Dollar.
Said Mujuru, "We can't work with miracle economic policies, no it won't work waking up RTGS and Bond now being Zimbabwe Dollar. That is illegal and l once said it."
The Opposition MDC said the government has ambushed the nation by imposing the new dollar.
"Despite government's promise that it would introduce a new Zimbabwe currency in the next nine months while it addresses the fundamentals, the regime today just ambushed the nation and reintroduced the Zimbabwean dollar as the only legal tender in local transactions. This means that the multi-currency regime, which provided some modicum of decency and predictability, has been thrown out of the window in favor of the volatile local currency that is not backed by adequate gold and foreign currency reserves.
"In spite of SI 142, it is important to state that trust and confidence, which any transacting public must have before they use a currency, cannot in themselves be gazetted.
Today's decision shows the lack of coherent, prudent and predictable policy, which is important to retain trust and confidence in a country's economy. Policy consistency and predictability are key tenets for any economy to succeed."
Source - Byo24News
