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Zimbabwe denied introduction of new currency as inflation bites

by James Ateenyi

Zimbabwe Central Bank has dismissed the report which has been circulating on Social Media that the country has introduced a new currency.

Early this week Social media was awash with the reports that the long wait is finally over with social media users claiming that the country has finally introduced new currency ahead of July 30 hotly contested election.

However, the celebration was cut shot after Reserve Bank of Zimbabwe (RBZ) Governor dismissed the report as fake news assuring the country that the multi-currency systems adopted in country since 2007 will continue. RBZ Governor Dr. John Mangudya said that there is enough circulation of foreign currency in the country and that will continue till when the country is ready,

He urged the public to disregard the report and he warned Zimbabweans against using social media in wrong way urging that such messages always excite public yet they are false. He stated that some people are using such messages to destabilize already shaken country’s economy.

He also warned politicians against politicizing country monetary policy saying that Zimbabwe economy will is growing day by day. In 2017, Zimbabwe under former leader Robert Gabriel Mugabi introduced bond notes so as to reduce country’s reliance on foreign currency however this did not help as the population shunned the bond notes rendering it useless. The country adopted multi-foreign currency after the country was hit with highest level of inflation following the international sanctions imposed on it following the dictatorial rule of Robert Mugabe.

Zimbabwe economy has dominated the ongoing campaign which is hotly contested between opposition Movement for Democratic Change (MDC) candidate Nelson Chamisa and incumbent president Emmerson Mnangagwa who dislodged country long serving ruler Robert Mugabe last year through a military coup. This is the first election after the fall of strongmen Robert Mugabe who ruled from independence. Former opposition leader Morgan Tsvangirai who was strong competitor against Mugabe passed on this year in South Africa hospital after long illness with colon cancer.

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