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ZimFirst to introduce new national currency
17 Mar 2016 at 05:32hrs | Views
The ZimFirst leader Maxwell Shumba has promised that his government will introduce new national currency if it is voted into power in 2018 elections.
He said in 36 years of misrule, this government has failed in everything they have touched, a reason why we are stepping up to drop our sweat to remove it from power.
"It has failed to maintain all the goods things that were working well on the eve of independence. Even the Zimbabwe dollar (formerly known as Rhodesia dollar) suffered the same fate. True to his character everything Mugabe touched throughout his presidency has turned into a disaster," Shumba said.
"The history our beloved Zimbabwe dollar is well documented. We all know that prior to the switch to multi currency usage, the Zimbabwean dollar made headline news for all the wrong reasons. Hyperinflation made the Zimbabwean dollar shrink to record levels, where even a $100 trillion banknote was printed, and for that reason the currency was discontinued in 2009."
He said the government of Zimbabwe bears full responsibility for the economic crisis which precipitated and followed this rapid inflation. Shumba said the need to discontinue the usage of the Zimbabwean dollar became eminently clear to all, despite the fact that it was a blow to national pride, that the nation cannot even be responsible enough to maintain its own currency.
"This situation, however, will not be permanent. Currencies do more than merely symbolize a nation's pride. There are reasons why the Euro has suffered when too many countries abandoned their old currencies and entered into an under-supervised currency zone. Having our nation maintain control over a currency allows us to implement sound economic policies, such as decreasing inflation by raising interest rates, a tactic that a nation in a shared currency zone, such a Greece, is unable to do," he said. "For this reason, it is imperative that any nation that wishes to control its economic future have the ability to control its own fiscal policies."
He said however, having the ability to pull such intricate economic levers can only function in a stable economic environment, where people know that the relative value of a currency will be maintained from one day to another.
"When the people lose confidence in a currency, then they no longer wish to hold their assets in this currency, impairing our ability to carry out basic economic policy. For this reason, A new and fresh ZimFirst government that, through a commitment to accountability and transparency will reintroduce a national currency," Shumba said. "The world will finally see Zimbabwe that is stable, prosperous, and booming economic giant rising in the heart of Africa. A ZimFirst government will guarantee that the nation regains controls over the levers of our own national currency and once again restore our national pride."
He said in 36 years of misrule, this government has failed in everything they have touched, a reason why we are stepping up to drop our sweat to remove it from power.
"It has failed to maintain all the goods things that were working well on the eve of independence. Even the Zimbabwe dollar (formerly known as Rhodesia dollar) suffered the same fate. True to his character everything Mugabe touched throughout his presidency has turned into a disaster," Shumba said.
"The history our beloved Zimbabwe dollar is well documented. We all know that prior to the switch to multi currency usage, the Zimbabwean dollar made headline news for all the wrong reasons. Hyperinflation made the Zimbabwean dollar shrink to record levels, where even a $100 trillion banknote was printed, and for that reason the currency was discontinued in 2009."
He said the government of Zimbabwe bears full responsibility for the economic crisis which precipitated and followed this rapid inflation. Shumba said the need to discontinue the usage of the Zimbabwean dollar became eminently clear to all, despite the fact that it was a blow to national pride, that the nation cannot even be responsible enough to maintain its own currency.
"This situation, however, will not be permanent. Currencies do more than merely symbolize a nation's pride. There are reasons why the Euro has suffered when too many countries abandoned their old currencies and entered into an under-supervised currency zone. Having our nation maintain control over a currency allows us to implement sound economic policies, such as decreasing inflation by raising interest rates, a tactic that a nation in a shared currency zone, such a Greece, is unable to do," he said. "For this reason, it is imperative that any nation that wishes to control its economic future have the ability to control its own fiscal policies."
He said however, having the ability to pull such intricate economic levers can only function in a stable economic environment, where people know that the relative value of a currency will be maintained from one day to another.
"When the people lose confidence in a currency, then they no longer wish to hold their assets in this currency, impairing our ability to carry out basic economic policy. For this reason, A new and fresh ZimFirst government that, through a commitment to accountability and transparency will reintroduce a national currency," Shumba said. "The world will finally see Zimbabwe that is stable, prosperous, and booming economic giant rising in the heart of Africa. A ZimFirst government will guarantee that the nation regains controls over the levers of our own national currency and once again restore our national pride."
Source - Byo24News
