‘The Zim market was self-dollarising ... it was out of control’

News

‘The Zim market was self-dollarising ... it was out of control’

Finance minister explains move to ban the US dollar, but experts say the consequences are 'unimaginable'

James Thompson

The Zimbabwean government on Monday fast-tracked the introduction of a new currency because the use of the US dollar has caused a lot of suffering, finance minister Mthuli Ncube told Times Select.

The decision was arrived at after meeting civil servants who argued that if the government could not pay them in US dollars, they would in effect be working for free.

“The market was self-dollarising. It was uncontrollable, and we felt that we had to bring the situation under control. They made it very clear to us that the multi-currency regime has become a US dollar regime, they don’t earn US dollars. They cannot afford to buy things in shops. They can’t buy medicines ... it became necessary for government to move fast,” he told Times Select...

This article is reserved for Times Select subscribers.
A subscription gives you full digital access to all Times Select content.

Times Select

Already subscribed? Simply sign in below.

Questions or problems?
Email helpdesk@timeslive.co.za or call 0860 52 52 00.

Previous Article