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No quick return to Zim dollar

08 August 2013, 08:49 Malcom Sharara, Fin24’s correspondent in Zimbabwe

Harare -There will be no quick return to the loathed Zimbabwean dollar, the Reserve Bank of Zimbabwe (RBZ) has said.

In a statement reacting to rumours circulating in the market and uninformed pronouncements suggesting the immediate or near term return of the local Zimbabwe currency, the RBZ said the multi-currency regime will be in use for the foreseeable future.

“In any case, when the time comes, the local currency will circulate alongside other existing currencies with people exercising their choice of currency to hold,” said the apex bank.

RBZ governor Gideon Gono said for the local currency to return there are preconditions which President Robert Mugabe has stipulated which must be fulfilled before the local currency returns.

Gono said a number of other deep-seated challenges which bedevilled the economy prior to 2009 are still around, hence the need to “stay the course”.

“Accordingly, market players and the banking community are urged to stop panicking and instead, get on with their boardroom strategies aimed at prospering their companies and selves in the wake of the new political realities which have been ushered in by the recently concluded elections.”

 - Fin24



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