Opinion / Columnist
Is Zimdollar coming back through coins?
10 Dec 2014 at 10:01hrs | Views
Zimbabweans are panic-stricken over Reserve Bank of Zimbabwe's (RBZ) pronouncement of the possible come-back of Zim-coins as it provokes the bad memories of the then worthless local currency which was the protagonist of run-away inflation. RBZ seeded skepticism amongst citizens that are put into quandary as to what these coins hold for their future in our economy.
RBZ did not put enough effort to offer civic education to all citizens explaining the position of coins as a medium for exchange. Citizens are not sure if this is not a devious means which marks the come-back of the local currency which robbed them of their savings five years ago.
Let me ask RBZ how these coins match into the multi-currency genre which is dominating our economy at this point in time; and will RBZ continue to inject more and more of such coins until they probably exceed the value of circulating bank notes in the Zim-dollar fashion when at one time everyone in this country became a 'quintillionaire' or much 'richer' than this? It is critical to remind each other that despite these large sums of cash in our pockets, we were all languishing in abject poverty as this money was losing value at an alarming rate.
How do the new coins relate to the US dollar which dominates in our economy at this point in time? What agreement is there between RBZ and the Federal Reserve of the United States of America to back this new regime of coins which will start circulating on the 18th of December 2014?
RBZ is urged to carry-out a massive public awareness campaign about the coins in order to enlighten the public on this development. At the moment citizens are starved of information. This cultivates skepticism which is propelled by information deficit. This may lead to an upset in the economy, like for instance, persuading people from depositing their cash in banks due to fear for the unknown.
To break-through, RBZ should go into high drive to popularize the coins through various media channels, both print and electronic, as well as outreaches programmes across the country.
Source - Suitable Kajau
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