{"id":78533,"date":"2023-06-02T11:09:54","date_gmt":"2023-06-02T09:09:54","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zwl-here-to-stay-let-that-sink-in-your-head-says-mnangagwa-threatens-to-legislate-against-foreign-currency-use-as-economy-falters"},"modified":"2023-06-02T14:36:26","modified_gmt":"2023-06-02T12:36:26","slug":"zwl-here-to-stay-let-that-sink-in-your-head-says-mnangagwa-threatens-to-legislate-against-foreign-currency-use-as-economy-falters","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/zwl-here-to-stay-let-that-sink-in-your-head-says-mnangagwa-threatens-to-legislate-against-foreign-currency-use-as-economy-falters","title":{"rendered":"ZWL here to stay, let that sink in your head \u2013 says Mnangagwa; threatens to legislate against foreign currency use as economy falters"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>PRESIDENT Emmerson Mnangagwa has, in a yet to be aired interview, declared Zimbabwe will continue using its waning currency despite it fast losing value.<\/p>\n

In snippets of the interview shared by his office Wednesday, Mnangagwa threatened to push for enactment of laws barring use of foreign currency, blaming sanctions for the continued decline of the ZWL.<\/p>\n

A recent free-fall of the ZWL has seen government backtracking on last year\u2019s plans to further liberalise Zimbabwe\u2019s foreign exchange market.<\/p>\n

Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya\u2019s interbank exchange rate has remained a ceremonial entity, disregarded by ordinary citizens who opt for the parallel which offers better rates.<\/p>\n

Mnangagwa\u2019s interview will be published by Third Eye and Brick by Brick, a magazine focused on developments being undertaken by his administration.<\/p>\n

\u201cSanctions have succeeded in destroying the Zimbabwean currency. Carrying ZWL$2 billion to buy a loaf of bread was not feasible that is why we abandoned it and allowed multiple currencies to operate and that stabilised our situation (in 2009),\u201d said Mnangagwa.<\/p>\n

\u201cThere is no country that can develop without its own currency, so (have) we reached a stage now where we have our currency that is under serious attack.<\/p>\n

\u201cWhat we might do is legislate against foreign currencies to make sure we use our own currency. Our people must know our currency is there to stay, it must stick. Foreign currencies are not here to stay.\u201d<\/p>\n

To arrest the crisis, Mangudya and Finance Minister Mthuli Ncube have introduced gold coins and much recently a gold backed digital currency.<\/p>\n

Little has changed with inflation soaring and salaries losing value by the minute.<\/p>\n

\u201cWe have consistently argued that de-dollarisation has failed and therefore government needs to dollarise while floating the ZWL, anything short of this will not work,\u201d said former Finance Minister Tendai Biti recently.<\/p>\n

\u201cWe have also argued that the Central Bank has gone rogue and needs to be replaced by a currency board. The new measures will not stop RBZ from conducting quasi-fiscal activities or its illicit gold dealings.<\/p>\n

\u201cWe say to them again dollarise and float the ZWL, scrap export surrender requirements and the auction system, pay workers and pensions in USDs, pursue fiscal consolidation, deal with corruption, deal with infrastructure, decarbonise and most importantly have a free and fair election.\u201d<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. PRESIDENT Emmerson Mnangagwa has, in a yet to be aired interview, declared Zimbabwe will continue using its waning currency despite it fast losing value. In snippets of the interview shared by his office Wednesday, Mnangagwa threatened to push for enactment of laws barring use of foreign currency, blaming sanctions for the continued […]<\/p>\n","protected":false},"author":84,"featured_media":78531,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,8,35,12,2715],"tags":[1493,2189,19],"class_list":{"0":"post-78533","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-head-lines","9":"category-homepage-english","10":"category-policy","11":"category-to-homepage","12":"tag-africa-press","13":"tag-africa-press-zimbabwe-2","14":"tag-zimbabwe"},"yoast_head":"\nZWL here to stay, let that sink in your head \u2013 says Mnangagwa; threatens to legislate against foreign currency use as economy falters - zimbabwe<\/title>\n<meta name=\"description\" content=\"PRESIDENT Emmerson Mnangagwa has, in a yet to be aired interview, declared Zimbabwe will continue using its waning curre ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/zwl-here-to-stay-let-that-sink-in-your-head-says-mnangagwa-threatens-to-legislate-against-foreign-currency-use-as-economy-falters\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ZWL here to stay, let that sink in your head \u2013 says Mnangagwa; 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