Zimbabwe to have its own currency in 12 months

Zimbabwe should brace itself for its own currency within the next 12 months the Minister of Finance and Economic Development Mthuli Ncube said.

He was speaking at a Town Hall meeting with organized by Global Shapers Community Harare Hub at Celebration Centre. He says he is contemplating easing taxes in the next 2/3 years

"We should be close on currency reforms. It will happen by stealth because we can't. Currency reforms started October 2018 but we didn't have fiscal discipline in place. We won't capitulate to the US$ but have currency reforms. We are less the 12 months away from currency reforms." Mthuli Ncube said.

He also revealed that he is comfortable with the fiscal side in austerity measures and will be easing taxes in the next 3 years.

"I'm now comfortable with the fiscal side in austerity measures. I even contemplate easing taxes in the next 2 to 3 years. We can't have austerity forever. What's left now is the heavy weight lifting on the monetary policy side. Dollarization would be capitulation. We need own currency"

During question and answer session one young man stood up and told the minister that the young people no longer trust him because he is failing to give answers to pertinent questions.

"Minister we don't trust you. You are not answering questions pertaining to fuel shortages, health difficulties, high fees, currency shortages. Do something that can make we the youth to trust you," he charged.

"As of yesterday another $20m for 44 million litres was released. There are lot of distortions in the fuel market. Currency reforms, currency reforms, currency reforms, pricing and dealing with forex shortages which are affecting fuel availability." Ncube responded.

Commenting on Ncube's announcement for new currency journalist Nqaba Matshazi said, "This creates expectations and leads to desperation to offload bond and RTGS like what happened in October."