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Zimbabwe To Introduce A New Currency This Week – Tendai Biti

Former Finance Minister, Tendai Biti has just said that the government is going to introduce a new currency this week. The introduction of a new currency is expected to coincide with the presentation of the Monetary Policy statement by Finance Minister, Mthuli Ncube this week. On his Twitter account, Mr Biti said:

The regime will this week introduce a new Zimbabwe currency not backed by any #reserves & without the context of structural reforms which a prerequisite of currency reform . That move is pure undiluted #insanity . An unbanked currency is just the #bond note by another name.

There is no country in the world that has involuntarily dollarized that has ever succeeded in de -dollarizing. Zim will not be the 1st .Whilst a currency is about fundamentals ,ultimately the most important fundamental is confidence There is absolutely no trust in this regime.

Considering the #harm and #damage inflicted on this economy by its Central Bank over the years to now , the question to be posed is, does Zimbabwe really need a Central Bank? In my submission, it can and will do without one.


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21 thoughts on “Zimbabwe To Introduce A New Currency This Week – Tendai Biti

  1. Ah pakaipa veduwe, we cant have another useless paper like bond, Mangudya watadza basa na Ncube wako apa veduwe. Why cant you adopt the rand nhai. Harina muka we corruption

  2. Tech zim please stick to reporting tech related news. This isn’t the way to generated your ad revenue. Think of you credibility first.

  3. We are ready for it, we brace ourselves once again hoping for a better outcome . We better try than never , we all want a better Zimbabwe but we can not do that whilst using another nation s currency as our local currency . We better try , it might be painful and needs a lot of sacrifices but we stil need some light for a better economy for the next generation .

  4. Total collapse of the system. I don’t know what will make new currency work whilst the zw bond$ failed. Will the new currency be traded in foreign banks?? This is just day light robbery to the citizens of Zimbabwe Mr government. You don’t have your people at heart.

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