New Zimbabwean president rules out early return to local currency

2018-09-18 19:00
Emmerson Mnangagwa (File: AFP)

Emmerson Mnangagwa (File: AFP)

Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Zimbabwe's new president on Tuesday ruled out an early return of the Zimbabwean dollar, toning down remarks by his finance minister that backed reintroducing the currency.

In an inaugural address in parliament marked by an opposition walkout, President Emmerson Mnangagwa pledged a raft of economic measures, including currency reforms and better forex availability.

But, he said, conditions had to be right before foreign currencies were replaced once more by the Zimbabwean dollar.

"My government shall continue with the use of the multicurrency system up until the current negative economic fundamentals have been addressed to give credence to the introduction of the local currency," Mnangagwa said.

In 2009, wracked by hyper-inflation, Zimbabwe dumped the local dollar and adopted the US greenback and other foreign currencies, including the South African rand.

But the economy remains deep in the mire, crippled by policies adopted under Mnangagwa's predecessor, Robert Mugabe.

On September 10, new Finance Minister Mthuli Ncube said he backed a return of the Zimbabwe dollar, "the sovereign currency," to help economic revival.

But, he said, this had to be done in conjunction with "fiscal policy".

Lawmakers from the opposition Movement for Democratic Change (MDC) boycotted Mnangagwa's inaugural state-of-the-nation address.

"MDC members of parliament have just defied the illegitimate president and Zanu-PF leader ED Mnangagwa by walking out during his uninspiring reading of a speech," Sibanda tweeted.

Mnangagwa was declared winner after Zimbabwe's top court threw out the MDC's bid to overturn the results of the July 30 presidential elections.

In other comments, Mnangagwa vowed to wipe out a cholera outbreak which has killed over 30 people, most of them in the capital Harare.

"Let us as a nation commit to permanently eradicate these mediaeval diseases mainly through addressing challenges related to clean water and sanitation provision as well as sustainable waste management practice," he said.

* Sign up to News24's top Africa news in your inbox: SUBSCRIBE TO THE HELLO AFRICA NEWSLETTER

FOLLOW News24 Africa on Twitter and Facebook

Read more on:    robert mugabe  |  emmerson mnangagwa  |  zimbabwe  |  southern africa

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
NEXT ON NEWS24X

Inside News24

 
/News
Traffic Alerts
Traffic
There are new stories on the homepage. Click here to see them.
 
English
Afrikaans
isiZulu

Hello 

Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.


Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Settings

Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.




Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.