Zimbabwe’s government calls for calm ahead of de-dollarisation plans
INDUSTRY and Commerce Minister, Mangaliso Ndlovu has shot down sceptics underscoring that the country’s business community must never underestimate the huge benefits they are set to derive from a de-dollarised economy.
The Reserve Bank of Zimbabwe (RBZ) has since tabled indications to go full scale de-dollarisation plans on the back of considerations on finding the best way forward to trim the costs of exports in a dollarised economy.
The announcement has since drawn mixed reactions from industry with players in sectors such as property already demanding a clear framework on how the measures will be implemented.
Against the background, the Bretton Woods Institution, International Monetary Fund, recently added its voice on the matter by calling on the authorities to clarify the plans.
Speaking to NewZimbabwe.com on the sidelines of a media tour organised by the Transport and Infrastructure Development Ministry in Plumtree Friday, Ndlovu shot down the fears being expressed by sceptics, insisting that the plans will benefit industry.
“They are justified to be sceptical because of where we are coming from. But talk to them today. Talk to the business people today.They will tell you that for the first time they’ve kept the ZWG for no less than three months because they’ve seen its stability. We have a responsibility as a government to stabilise the ZWG,” he said.
He said once it is stable, those concerns will go as he insisted that business will never be competitive as long as the economy remains stuck with the US dollar.
“So, when we talk about this gradual move, we have them in mind. It’s not a reckless move. We know that Zimbabwe has a small population of 16 million which is too small. There is a whole 400 million in SADC (Southern African Development Community), there is COMESA (Common Markets for Eastern ànd Southern Africa), there is African Continental Free Trade Area with 1.3 billion people. For us to be able to target those, we have to use our own currency. That’s what we are targeting,” he said.
Ndlovu added that the migration will be undertaken with due considerations and safeguards as he insisted the country cannot do away with de-dollarisation. _*NewZimbabwe*_
