'Multi-currency system to stay'

HARARE - President Emmerson Mnangagwa, yesterday said the multi-currency system is here to stay, and encouraged Zimbabweans to be patient and endure the pain while his government makes efforts to revive the economy.

Mnangagwa made these remarks at the State House yesterday, where he hosted bankers, captains of industry and commerce among other guests in a breakfast meeting.

The president said the RTGS balances and bond notes remain safe as monetary instruments.

“I fully know what is going on in the country. We as government should listen to you. The financial sector is highly sensitive and thrives on highest levels of trust.

“Government is working day and night to stabilise the economy. The multi-currency system is here to stay. RTGS balances and bond notes are safe as monetary instruments. There is no need for pressure to exchange them,” he said. Mnangagwa said it is no secret that the Zimbabwean economy is facing challenges that include a high budget deficit and a huge debt.
“What is required are urgent, bold actions and tough decisions.

“We cannot run away from addressing the challenges, the longer we wait to address the challenges, the harder it becomes. My government has made a comprehensive plan to revive the economy.

“The only way to a stronger economy is to restructure, rebuild and reform the economy,” he said.

“The measures involved are painful measures; these measures will be felt by all of us but are unavoidable, if we want to get our economy back on track. These measures are like those of a doctor conducting a lifesaving operation that causes pain. The pain is the only thing that will lead to recovery.”

Mnangagwa said Finance minister Mthuli Ncube has projected a six percent economic growth rate by year end compared to the earlier projected 4,5 percent; a trend which he said is similar to fast growing economies like Ghana.

He urged citizens to be patient and remain positive, further noting that his government is prepared to make structural reforms and cut down on expenditure.

“It’s a pity that some of you feel gloomy about the situation but it is a time to be patriotic,” he said.

“We are taking a joint journey towards a better and secured future to build the Zimbabwe we want.

“The road is long, winding and sometimes bumpy but there is no other way which is the road to the middle income economy.”

Businessman Shingi Mutasa, who gave the vote of thanks, said government should not allow the 2008 situation where employees’ pension funds evaporated.

“We cannot afford to destroy the pension fund as in the 2008 scenario, we should not allow it,” he said.

Presidential spokesperson George Charamba told the media last weekend that yesterday’s meeting marks the beginning of intensive interaction between the president and various economic players as the country works to recover the economy in line with the Transitional Stabilisation Programme (TSP).

Comments (4)

Which multi currency does Mnangagwa talk about. Can you go to the bank and exchange the bond note for any other currency in this country. So what multi-currency is he talking about. This is nothing but only a scheme to fleece off exporters their hard earned USD. I was laughing the other day, I heard mnangagwa saying all RTGS and bond notes are guaranteed by gvt, so don't burn your RTGS. That's laughable for someone to say he is guaranteeing 9 billion RTGS balances when there is no single dollar available for these account holders to withdraw USD. 2. His gvt is struggling to procure fuel, drugs, wheat and other essential commodities. 3. Business operates real time, you cant talk of a guarantee which is not present and is based on speeches and announcements while on the ground businesses are looking for USD on the black market. So this President of ours speaks a lot of rubbish and nonsense and they lie too much. Sorry we cant trust you Mr President because you lie. You promised us free and fair elections and eventually rigged them, You said the voice of the people is the voice of God and ignored the voice of God. You said you were going to arrest people who externalized foreign currency but none is behind bars - Eish what a liar. And today you think you can come and RTGS and bond are guaranteed and then we believe you - Go to hell Mr so called President.

Baba Mary - 31 October 2018

I have never seen a government that can go into over-drive lying for them to achieve what they want. Where and who can give this Junta 9 billion to guarantee RTGS transaction, That is another big lie by Mnangagwa, this time around our eyes are very open. These big corporates are going to sink if they listen to the Junta.

Ballista - 31 October 2018

He thinks is he says it RTGS will change to USD, guys don't be fooled, the cat is out of the bag. Donkeys will never turn into cows NEVER.

Mandla - 31 October 2018

kkkkk Patriotric for 38 years chabuda zero.

Bango P - 31 October 2018

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