ZNCC Pushes for De-Dollarization to Stabilize New Currency

Written by on May 15, 2024

15.05.24

Charity Chikara

The Zimbabwe National Chamber of Commerce (ZNCC) CEO, Christopher Mugaga, is urging the government to abandon the multi-currency system, citing its negative impact on the stability of the recently introduced Zimbabwean dollar (ZiG).

Speaking at a recent breakfast meeting, Mugaga argued that the continued presence of the US dollar undermines the ZiG. He proposed a clear path out of the multi-currency system, acknowledging the initial challenges of competing with the US dollar.

Meanwhile, during the ZNCC annual luncheon held in April, an exclusive three month trial period for the ZiG was suggested to allow it to establish itself.

“On that note, we committed that the business community for now will accept and support and embrace the new currency. Allow it to run for three months then we review at our congress in Victoria Falls on the 26th to the 28th of June 2024.

“The governor will be there, the business community has to be there. I appeal to you to support the governor and support the currency. At the end of the day, as business, we will succeed if it succeeds, ” he said.

Mugaga also criticized the use of Statutory Instruments (SIs) for currency management, emphasizing the need for trust-building measures and sound economic fundamentals.

He further cited that the ZNCC, as the voice of businesses, is calling for improved coordination between the central bank, banks, and the business community.


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