Sunday, 13 November 2016

Zimbabwean firms urge use of SA rand as main currency – Report

Zimbabwean firms have reportedly urged the government to adopt the South African rand as its “reference currency” instead of the US dollar.

According to Bloomberg, the Confederation of Zimbabwe Industries said that while the country’s unique “multi-currency system” should be maintained, all financial reporting must be done in rand.

Zimbabwe abandoned its own currency in 2009 and now uses mainly the US dollar and the South African rand, although other currencies are also legal tender.

The group said that the rand was becoming more attractive, as the southern African country continued to face an “acute liquidity crisis of cash dollars”.
Zimbabwean firms urge use of SA rand as main currency – Report
“We suggest the minister of finance starts presenting his budget in rand instead of dollars,” the group was quoted as saying.

The group’s call came ahead the country’s national budget negotiations this week.

Finance minister Patrick Chinamasa was set to present the 2017 budget in late November or early December, the report said.

President Robert Mugabe last week used his presidential powers to push though shock regulations declaring bond notes legal tender.

The bond notes were officially set to be introduced to promote exports.

Source: News24
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