It’s now official – the Zimbabwean Dollar is useless and no longer the preferred legal tender. Even the central bank has no faith in the dollar.
Reserve Bank of Zimbabwe Governor, Mr Gideon Gono has announced that 1000 retailers and 200 wholesalers will be allowed to sell their goods in foreign currency, whilst motorist can also buy fuel in foreign currency.
“With immediate effect there will be foreign currency licensed warehouses and shops and we are doing this for an initial period of 18 months, as an experiment,” Gono told reporters.
However Gono stressed that the Zimbabwean dollar remains the official legal tender. “Some of you may ask, are we now trying to dollarise the economy? No, the Zimbabwe dollar remains the legal tender,” Gono said.
If this is not ‘dollarization’ of the economy, then what is it? For sometime now many people in Zimbabwe do not accept the Zimbabwean dollar as a form of payment. Is it still the official legal tender? Maybe for government transactions!
But, personally I think the solution to Zimbabwe’s economic problems lies in MDC and Zanu PF finding a solution to the political crisis in the country. Gono has tried so many policies to solve the economic crisis in Zimbabwe, but so many times he has also failed.
Get rid of Mugabe and his government and the Zimbabwe economy will be on a road to recovery.
What do you think? Have your say by posting your comments.
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September 10th, 2008 at 9:26 pm
although many people will be inclined to oust robert mugabe. we must ultimately understand african politics- Mugabe freed the nation from colonialism. he is the big daddy and people squirming that he should leave are short sighted and frankly there is no time for idealism.
September 11th, 2008 at 10:38 pm
@Anonymous…..Yes Mugabe played a part in the fight against colonialism. But does that mean he should rule forever even if he is failing to manage the country. Zimbabwe is in crisis today because of Mugabe’s policies.
There are so many African leaders who played a big part in fighting colonialism, and most of them have moved on and let others come into power, so why not Mugabe?
Personally I think Mugabe should have left a long time ago.