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President Instructs De-dollarisation


By Ross Moyo

Zimbabwe President Dr Emerson Dambudzo Mnangagwa has instructed that the country works towards de-dollarisation.

President Mnangagwa made the instruction public whilst addressing thousands of people gathered for the commissioning of a fruit juice and water processing plant yesterday, in Mutare.

The President said he was watching closely the local currency’s performance.

Mnangagwa added that once the new currency Zimbabwe Gold (ZiG) is stable and in full circulation in all corners of the country, he would announce the country’s full de-dollarisation.

“In two years, in fact two years is too far off, but there will come a time when our ZiG currency has fully penetrated the market, then I will give a directive that the country will be using the ZiG only.

“If you go to the shops to buy with the US dollar, they will refuse it. Even those who were performing and entertaining us today, who were being given US dollar tokens, in two months’ time you (they) will be given the ZiG and no US dollars because that is our currency and we should propel it,” he said.

The country is on a phased de-dollarisation trajectory as it cannot afford reliance on other countries’ currencies, especially those who hold negative reservations against it, according to President Mnangagwa.

This follows the Second Republic’s introduction of the Zimbabwe Gold (ZiG) currency earlier this year, marking a significant milestone in the country’s journey towards economic development and ultimately stability.

Mnangagwa also said it was important that Zimbabweans continue to express confidence in the local currency, as the continuous use of the US dollar was not feasible, especially considering America’s hostility towards Zimbabwe.

“Biden (US President Joe) does not like us, but you like the money from his country, does that work? So as Zanu PF we cannot keep using and relying on a currency that belongs to people who do not like us because one day they will try to hamper our efforts, then we will not have a leg to stand on.

“That is why we now have the Zimbabwe Gold currency (ZiG), that is our currency, a currency which we are propelling. We are propelling our currency,” said the President.

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