Government speaks on new Zim currency

Government speaks on new Zim currency
Published: 11 February 2019 (286 Views)
The Deputy Minister of Information, Publicity and Broadcasting Services Energy Mutodi has poured cold water on revelations by former Minister of Finance Tendai Biti that Zimabbwe would be introducing a new currency this week.

Mutodi accused Biti of sending false signals so as to send panic in the market.

"Hon. Biti has falsely claimed that government will be introducing a new currency next week so as to cause panic on the market." Mutodi said. "The truth is the RBZ Governor is still working on the monetary policy. May the lawyer focus on what he knows best not economics."

However former Chairperson of the Minister of Finance Mthuli Ncube's short lived communications committee William Mutumanje confirmed that the new currency is on its way.

"I can confirm its true New local currency on the way, there is a condition of securing reserves in place but I can confirm to you, it's coming. Prepare yourself. At best they will delay, most likely not." Lumumba posted on Twitter.

Earlier on Monday Biti was quoted saying, "The regime will this week introduce a new Zimbabwe currency not backed by any reserves and without the context of structural reforms which a prerequisite of currency reform .That move is pure undiluted insanity . An unbanked currency is just the bond note by another name."

Zimbabwe has been using Bondnote currency which the government insist is equal to the United State dollar despite glaring signs in the market that the currency is pegged at 1:3 with the dollar.

In January the Minister of finance announced that he will be introducing a new currency within twelve months.



- Byo24News

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Mnangagwa admits deploying military crackdown

by Staff reporter | 17 February 2019 | 106 Views

Mutambara pays tribute to 'literary giant' Mungoshi

by Staff reporter | 17 February 2019 | 79 Views

Chiwenga still in Indian hospital

by newzimbabwe | 17 February 2019 | 122 Views

Auxilia Mnangagwa's hand exposed in Zanu-PF youth league ructions

by newzimbabwe | 17 February 2019 | 121 Views

Zimbabwean facing UK deportation says fears being 'killed' at home

by Staff reporter | 17 February 2019 | 95 Views

Bushiri's private jet attached

by news24 | 17 February 2019 | 80 Views

24 bodies retrieved from flooded Zimbabwe gold mine

by AFP | 17 February 2019 | 86 Views

Mnangagwa launches crackdown on illegally settled farm occupiers

by newzimbabwe | 17 February 2019 | 77 Views

Mnangagwa claims that fuel and wheat shortages already fixed

by Staff reporter | 17 February 2019 | 95 Views

AFM drama continues

by Staff reporter | 17 February 2019 | 107 Views

Smart agriculture will boost economy

by Staff reporter | 17 February 2019 | 83 Views

Masowe woman in record breaking home deliveries

by Staff reporter | 17 February 2019 | 93 Views

Chamisa, Mnangagwa dialogue is not about power-sharing

by Nick Mangwana | 17 February 2019 | 90 Views

Zimbabwe unlikely to renew Bureau Veritas deal

by Staff reporter | 17 February 2019 | 76 Views

We remain committed to media liberalisation

by Hon. Monica Mutsvangwa | 17 February 2019 | 76 Views

City dwellers to get food relief

by Staff reporter | 17 February 2019 | 71 Views

Govt begins receiving applications for voluntary retirement

by Staff reporter | 17 February 2019 | 96 Views

MDC Alliance lie has no legs

by Staff writer | 17 February 2019 | 84 Views

Mnangagwa aware of Chamisa's renewed bid to relaunch violent protests

by Staff reporter | 17 February 2019 | 84 Views

Chamisa to bring everyone to Harare for a Mother of All Demonstrations

by Staff reporter | 17 February 2019 | 77 Views

NRZ slashes commuter train fares

by Staff reporter | 17 February 2019 | 73 Views

Selmor relives childhood in Tuku household

by Staff reporter | 17 February 2019 | 50 Views

Sex makes Zodwa Wabantu fat

by Staff reporter | 17 February 2019 | 82 Views

Bosso end pre-season training

by Staff reporter | 17 February 2019 | 67 Views

First private teachers' college opens doors

by Staff reporter | 17 February 2019 | 57 Views

'Mnangagwa invite a step in right direction'

by Staff reporter | 17 February 2019 | 61 Views

Zimta CEO earns around $10 000 before deductions?

by Staff reporter | 17 February 2019 | 63 Views

Haddon and Sly suspends workers

by Staff reporter | 17 February 2019 | 46 Views

Bulawayo water shedding worsens

by Staff reporter | 17 February 2019 | 48 Views

Bosso, Dembare face collapse

by Staff reporter | 17 February 2019 | 47 Views

Chamisa suspends official for challenging his leadership?

by Staff reporter | 17 February 2019 | 46 Views

Village head arrested for rape

by Staff reporter | 17 February 2019 | 36 Views

The paradox of Chete Chete! Emerging understandings in 2019

by Michael Mhlanga | 17 February 2019 | 77 Views

Mnangagwa speaks on Chiwenga's health

by Staff reporter | 17 February 2019 | 46 Views

RBZ not ready for Zimdollar return

by Staff reporter | 17 February 2019 | 43 Views

How cryptocurrencies can rescue Zimbabwe

by Masotsha Charles Matlobo | 17 February 2019 | 78 Views

Skyz Metro hit by resignations

by Staff reporter | 17 February 2019 | 42 Views

Solar energy is the future: Masiyiwa

by Staff reporter | 17 February 2019 | 47 Views