Harare, April 15: Zimbabwe has shelved plans to
re-introduce its national currency, the Zimbabwean dollar (ZWD) back into circulation for at least a year, according to a top government official.
The southern African country discarded the Zimbabwean
dollar at the beginning of the year after hyperinflation,
estimated at around a trillion per cent, rendered the
currency worthless.
In its place, the government adopted a range of foreign
currencies, including the British Sterling Pound, United
States Dollar and the South African Rand, as legal tender.
All transactions, including salaries for workers, in the
country are now carried out in foreign currency.
Economic Planning and Development Minister Elton Mangoma
was quoted by the PANA news agency as saying that the
Zimbabwean dollar would only be re-introduced if the
country`s battered economy started working again.
"Our focus is to ensure that we first have a vibrant
industry. We must ensure that the industry can now hold the
currency and enable it to trade with the other currencies,"
he said. "If we try to re-introduce the local currency now,
it will face the same fate of being wiped out of its value wi
thin weeks."
Poor policies, mismanagement and corruption brought the
country`s economy to its knees, with more than 90 per cent
unemployment, food shortages and other social difficulties.
A new coalition government, including the opposition, is
trying to re-build the economy.
Bureau Report
