RBZ says the Zimbabwe Dollar will soon be acceptable in other countries. The Reserve Bank of Zimbabwe (RBZ) has said that it has written to international exchanges requesting them to officially recognise the Zimbabwe dollar as a tradeable currency. The Zimbabwe dollar was reintroduced through Statutory Instrument 142 of 2019 which also outlawed the use of all foreign currencies for domestic transactions. So far, the return of Zimbabwe dollar has evoked mixed feelings. Whilst others believe it will be instrumental in the resuscitation of the economy, its dramatic return revives dreadful memories of the 2008 hyperinflation for others.
Speaking at a breakfast meeting organised by the Institute of Chartered Accountants of Zimbabwe yesterday, RBZ director of research, John Mafararikwa, said:
We have sent messages to international organisations about our currency to say we now have the Zimbabwe dollar so pretty soon they will now say the currency of Zimbabwe, is the Zimbabwe dollar. When it comes to convertibility, the Zimbabwe dollar would be recognised outside Zimbabwe.
Meanwhile, economist Eddie Cross told NewsDay at the same event that a number of issues among them, stability and a genuine market rate and transparency have an impact on the acceptance of the Zimbabwe dollar by international organisations. He said:
So, when we get that, a genuine market rate, and you can walk into a bank or a bureau de change and you can change Zimbabwe dollars for US dollars or for rand or kwacha on the street or across the bank counter, until that happens, they (international organisations) will not treat us seriously.
More: News Day/pindula.co.zw