Harare: Zimbabwe’s Central Bank has ruled out the immediate re-introduction of the local currency, saying reports of its return is bent on causing unnecessary panic and alarm within the national economy.
Social media went abuzz after President Emmerson Mnangagwa hinted on the re-introduction of the Zimbabwe dollar after the July 30 elections, sending parallel market rates haywire.
“Members of the public should ignore the social media article which has apparently been created and circulated by people who seem bent on manipulating parallel market rates for personal gain at the expense pf the unsuspecting members of the public,” Reserve Bank of Zimbabwe Governor John Mangudya said in a statement.
“The article is also circulated to cause unnecessary anxiety, panic, alarm and despondency within the national economy.”
The reintroduction of the Zimbabwe dollar is an emotive issue for most Zimbabweans who experienced hyperinflationary environment that peaked in 2008 when the largest – and only usable – banknote was Z$10 trillion.
The country battles cash shortages despite introducing a surrogate currency, the bond note, in November 2016.
The disappearance of the country’s surrogate currency, the bond note, from the market has also seen banks limiting the amount of money both individuals and companies can withdraw, sometimes to as low as $20.
