Opinion / Columnist
Zimbabwe going global through multi-currency regime
31 Dec 2015 at 10:42hrs | Views
In the changing contemporary times, Zimbabwe is matching well into the global village in which global trends are prevailing to dictate the normative modus operandi. This new dispensation calls for hyper-active minds which can quickly embrace new ways of doing business in this new world where laggards are bound to play second fiddle all the time.
When Zimbabwe adopted the multi-currency regime, it went many steps ahead of other nations in the region. This new scenario meant that the country legalized the use of any currency from any nation state provided the correct exchange rate is applied to regulate the transactions. This brought to an end the perpetual shortage of foreign currency in the country.
In the whole SADC region, Zimbabwe has become an envy for every nation as it is now the haven of the rare foreign. The adoption of multi-currency had an abrupt effect on the unbridled ballooning hyper-inflation which dropped sharply to a single digit over night.
Professor Masiyiwa rhetorically questions the effects of the introduction of the Yuan on our local economy. He seems like an arm-chair professor that fails to see what is obvious in a contemporary village.
Some critics are going to the extent of believing that by using the Yuan, Zimbabwe is made a colony of China. In the same vein, we are using the US dollar, are we therefore, a colony of the United States of America? Certainly not! So such thinking by some citizens is weird and absurd.
It is a living fact that we are a developing nation and we need to tap on developments taking place in the developed world. That is why we are engaged into transfer of appropriate technology into the country for us to take the course of foot-prints of the developed nations.
This means that we have to tap on the role of information communication technologies (ICTs), military hardware and its related intelligence, attract direct foreign investments (DFI), as well as the engagement of multilateral financial institutions like International Monetary Fund (IMF) and the World Bank. All these are the mandatory dictates of the globalisation processes which are at play regardless of one's selfish interests.
However, the hype on the Yuan demonstrates the west's fear of the growth and expansion of the Chinese influence across the globe. Traditionally, the USA deems itself to be the super-power which should oversee all affairs of all nations in this world. By recognizing the usage of the Yuan in Zimbabwe, its foot-hold in the country is neutralized. Hence it is weakened contrary to its aspirations to dominate the world.
In reality the bickering over the Yuan is a hegemonic struggle for controlling the local resources by the west rather than serving the interests of this country.
In spite all odds, Zimbabwe is moving forward as it can transact in any currency with no limits as is the case with other nation states in the region. This eases business dealings in the country as all partners can bring in whatever currency they have and do business easily.
When Zimbabwe adopted the multi-currency regime, it went many steps ahead of other nations in the region. This new scenario meant that the country legalized the use of any currency from any nation state provided the correct exchange rate is applied to regulate the transactions. This brought to an end the perpetual shortage of foreign currency in the country.
In the whole SADC region, Zimbabwe has become an envy for every nation as it is now the haven of the rare foreign. The adoption of multi-currency had an abrupt effect on the unbridled ballooning hyper-inflation which dropped sharply to a single digit over night.
Professor Masiyiwa rhetorically questions the effects of the introduction of the Yuan on our local economy. He seems like an arm-chair professor that fails to see what is obvious in a contemporary village.
Some critics are going to the extent of believing that by using the Yuan, Zimbabwe is made a colony of China. In the same vein, we are using the US dollar, are we therefore, a colony of the United States of America? Certainly not! So such thinking by some citizens is weird and absurd.
This means that we have to tap on the role of information communication technologies (ICTs), military hardware and its related intelligence, attract direct foreign investments (DFI), as well as the engagement of multilateral financial institutions like International Monetary Fund (IMF) and the World Bank. All these are the mandatory dictates of the globalisation processes which are at play regardless of one's selfish interests.
However, the hype on the Yuan demonstrates the west's fear of the growth and expansion of the Chinese influence across the globe. Traditionally, the USA deems itself to be the super-power which should oversee all affairs of all nations in this world. By recognizing the usage of the Yuan in Zimbabwe, its foot-hold in the country is neutralized. Hence it is weakened contrary to its aspirations to dominate the world.
In reality the bickering over the Yuan is a hegemonic struggle for controlling the local resources by the west rather than serving the interests of this country.
In spite all odds, Zimbabwe is moving forward as it can transact in any currency with no limits as is the case with other nation states in the region. This eases business dealings in the country as all partners can bring in whatever currency they have and do business easily.
Source - Suitable Kajau
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