Minister of Finance and Economic Development, Professor Mthuli Ncube says there will be no return to 2008 as all the necessary conditions for the return of the Zimbabwe dollar are in place.

The thought of 2008 evokes many nightmarish memories Zimbabweans would rather relegate very far away from their minds.

The announcement of the return of the local currency by Professor Ncube last week had people speculating about a possibility of returning to the chaotic monetary situation of a decade ago, characterised by runaway inflation and shortages of essential goods and services.

The Minister said there will not be a repeat of that situation as government has in place the correct conditions for the local currency to be managed properly for the benefit of the nation and its people.

Reserve Bank of Zimbabwe (RBZ) Governor, Dr John Mangudya said the old era of gross economic indiscipline has no space in the new Zimbabwe and will not be allowed to thrive.

Finance Permanent Secretary, Mr George Guvamatanga said government has in place monetary and non-monetary programmes to ensure civil servants are cushioned against the effects of the austerity era Zimbabwe is going through.

On the option of joining the Rand Monetary Union, the officials argued that it is as difficult as joining the Eurozone, requiring that among other conditions, Zimbabwe must have its own currency.

Professor Ncube however stated that using the basket of multiple currencies, especially the United States dollar, is similar to surrendering government’s fiscal policies into the hands of foreign nations.

 

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