Home Politics Pressure mounts on ED, as the economy re-dollarize self.

Pressure mounts on ED, as the economy re-dollarize self.

by BustopTV

By Lloyd Takawira

It never rains but pours for President Mnangagwa’s administration as efforts to authorize the local currency seems to be enraged as many businesses seems to be transacting using the United States Dollars.

A survey carried out by this publication revealed that the Zimbabwean economy is unofficially re-dollarizing itself again.

A number of business especially in the Central Business District of Harare are pricing their commodities in United States dollars while in Bulawayo , currencies such as the South African Rand have unofficially became the medium of exchange.

Despite gvt of Zimbabwe, promulgating Statutory Instrument (142) of 2019 which outlawed the use of all foreign currencies for domestic transactions, businesses seems not to be heeding government calls.

Economists who spoke to this publication warned the rushed de-dollarization was recipe for disaster as we are witnessing right now.

Economists had earlier warned that the country needs to first improve production in order to revert back to the mono-currency regime.

The country is currently facing a myriad of challenges ranging from intermittent power cuts, drought, and scarcity of foreign currency to import goods.

Repeated calls for authorities to make sure that the right fundamentals to return to the Zimbabwean dollar have been echoed by various sectors of the society.

Most business people especially in the food industry all concurred that, they have no option other than to revert back to the United States dollar.

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