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'Bring back the US Dollar' Mliswa says

by Mandla Ndlovu
08 Oct 2021 at 11:12hrs | Views
Norton Member of Parliament Temba Mliswa has called upon the government to re-introduce the United States Dollar as the main currency in order to arrest inflation.

Writing on Twitter on Friday, Mliswa said, "We may have to dollarise if we keep on this trajectory. The rate is going up and money is losing value. Farmers are not making money due to inflation. It was a pleasure to listen to Mrs Takaendesa, Gift Mugano and Chiwore from Parliament at the prebudget. Gives new insight."

Mliswa added that only few mines were surviving amidst the economic challenges happening in the country.

"It may be prudent for leaders to admit where they have lost it. Just that no-one wants to concede.Companies are struggling and only a few such as Platinum mines are managing. Zimplats, Unki, Mimosa etc are doing well because of strong governance issues."

In 2020 Finance and Economic Development Minister Mthuli Ncube said dollarisation was a big mistake as it took away the country's monetary autonomy and made industry uncompetitive and bringing enough US dollar bills was costing the country over US$300 million annually, making the dollarisation process unsustainable.

"Our biggest mistake was making the United States dollar our main currency of reference. By taking away the Zimbabwe dollar we destroyed industrial capacity," Ncube told delegates attending a post-Budget breakfast meeting in Harare. "Competitiveness comes from having your own currency."

Source - Byo24News