Harare – Despite intense lobbying by industrialists, economists and the business community, officials in Zimbabwe have rejected the call to adopt the rand as its official currency.
The country has had continued cash shortages which local bond notes have failed to address. Introduced in Zimbabwe in November, bond notes have equal value to the widely-used US dollar but are still in short supply at the banks. The Reserve Bank of Zimbabwe says businesses are not banking money while foreign currency shortages are worsening and have started to distract business operations.
Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has said that adoption of the rand as official currency in Zimbabwe is out of the question. This followed intense lobbying by the Confederation of Zimbabwe Industries (CZI), economists and other groups for the adoption of the rand.