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Calls for Swift Action to Stabilise Local Currency

The suggestion on the table is either to swiftly stabilise the local currency or to temporarily embrace the exclusive use of the American dollar.
Calls for Swift Action to Stabilise Local Currency
Amidst growing concerns over the stability of the country's currency, a chorus of economic experts and opposition parties is urging the government to take decisive steps. The suggestion on the table is either to swiftly stabilise the local currency or to temporarily embrace the exclusive use of the American dollar.

Denford Mutashu, President of the Zimbabwe Retailers Association, stresses the imperative need for ongoing governmental research. He underscores the necessity to fortify the financial system and effectively address the prevailing financial crisis. [post_ads]

Dr Tapiwa Mashakada, the economic secretary of the MDC opposition party, advocates for a temporary transition to foreign currencies until stability is restored. He proposes considering currencies such as the US dollar or the South African Rand. Mashakada accentuates the significance of bolstering gold reserves and enhancing industrial production before considering the reintroduction of the local currency.

Meanwhile, Dr Prosper Chitambara, an economics expert at the Labour and Economic Development Research Institute of Zimbabwe, highlights the critical importance of tackling currency circulation issues to resolve the ongoing crisis. On the other hand, Tendai Biti, former Minister of Finance and leader of the Citizens Coalition for Change, calls for an outright rejection of the local currency. He cites its significant devaluation and its adverse impact on the lives of citizens. [post_ads_2]

Despite mounting calls to shelve the local currency, Finance Minister Professor Mthuli Ncube remains steadfast in advocating for its continued use. This stance persists despite the currency's ongoing depreciation, with exchange rates hitting 21,000 local dollars per US dollar in supermarkets and surpassing 30,000 local dollars on the black market.

While the law permits the use of the local currency alongside foreign currencies until 2030, transactions predominantly revolve around the American dollar.

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ZimNewsDaily: Calls for Swift Action to Stabilise Local Currency
Calls for Swift Action to Stabilise Local Currency
The suggestion on the table is either to swiftly stabilise the local currency or to temporarily embrace the exclusive use of the American dollar.
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