Atthe height of our financial hiatus in 2009, Zimbabwe adopted a multi-currency basket, effectively ending the conventional ownership and exclusive use of its own currency, the Zimbabwe dollar.
The multi-currency regime, which included the US dollar,rand, the British pound and pula, among others, was a policy measure to address the hyper-inflationary environment experienced between 2008 and 2009.
The multi-currency basket served its purpose, but we cannot use it forever. We need our own currency, albeit after practising due diligence and putting in place all fundamentals to sustain it.
One experience since 2009 is that with the passage of time, the United States dollar overtook all the other currencies to become the mostly used money in the country’s business dealings.
Since then, a lot of harm has happened to the country’s economy, among it the distortion of prices in goods and services. Dealers have taken advantage and used the US$ to drive their selfish interests at the expense of the nation at large.
With the coming in of the new Government in August last year, a decision was made to tighten the fiscal space, deal with economic fundamentals such as money supply growth and unbudgeted spending, which in the past fuelled unnecessary expenditure.
In short, Government has brought the much needed financial discipline in its structures, and this is highly commendable.
On Friday, President Mnangagwa announced that the country should expect the reintroduction of its own currency before the end of the year. We. however, cannot continue going forward without our own currency.