Zimbabwe Multi-currency system will remain in force – President

Zimbabwe currently has the United States dollar, the South African rand and local bond notes in its basket of currencies. The Botswana pula and British pound have in times past been accepted as legal tender.

The current position is consistent with what he stated in his state of the nation address last month. In the said address, he said the multi currency system will be abandoned only after the factors that necessitated them had been corrected. “These economic fundamentals are yet to be met to justify introduction of our own currency,” Mnangagwa told lawmakers at the opening of the ninth parliament.

He spoke about plans including the negotiation of lines of credit worth $500 million to meet foreign currency requirements for business. Zimbabwe is also working to clear its $1.8 billion arrears to the World Bank and the African Development Bank.

The country is currently suffering from shortage of basic commodities which has largely led to long queues. The president added that he was aware that some manufacturers were deliberately holding back products from retailers.