President Emmerson Mnangagwa has said the country should brace for a new currency before the year ends.
The President made the remarks at a clean-up campaign in Harare Friday morning.
Mnangagwa said the country cannot develop when using currencies of other countries. He added that the government has started the process of introducing the country’s own currency to tame the fluctuating foreign currency rates.
“As a country, we are obligated to have our currency and we have started that journey (to having a currency) because the exchange rate (on the black market) is constantly changing and this is because we don’t have our own currency.
“We will get to a point where the US dollar will be there on the market, you will have it your pockets but when you want to then buy, you will have to change it. You will take our money Which we are in the process of making, you will be told about it,” Mnangagwa said.
He reiterated that Zimbabwe is open for business but is not open for abuse while warning those sabotaging the economy that the law will soon visit them.
This comes as the country is reeling from an unstable surrogate currency, the bond note, which has failed to ease the current cash crisis.
The announcement is likely to worsen the already high rate on the black market and will trigger panic to cash barons on the streets.
Already, prices of basic commodities have been spiralling on a daily basis as the black market rates continue to tumble.
Although the government introduced an interbank rate, it has failed to keep up with the black market.
To this end, Mnangagwa said the austerity measures introduced last year will stay and will bear the intended fruits.
“I said for us to be out of this economic crisis, we will have austerity measures which will help us to have a better economy which will create jobs and investment opportunities,” he said.
