Zimbabwe economy is recovering bit by bit – Mangoma

Pretoria – The Zimbabwean economy is speedily recovering under the unity government, the country's Economic Minister Elton Mangoma said in Pretoria on Monday.\r\n

He attributed the recovery to, among other things, institutional changes at the country’s Reserve Bank.

"The Zimbabwean dollar has been discontinued and we do not expect to see it in the immediate future. Also there is institutional change at the Reserve Bank," he told reporters.

The Reserve Bank’s role was to supervise the financial sector to ensure it functioned properly, he said.

"In the absence of the Zimbabwean dollar, international currencies such as the South African rand and the American dollar were being used."

He said Zimbabwe had already made much progress.

"We have stabilised the economy. Processes of democracy are in place, such as freedom of expression, freedom of association – all these were not there in the harsh period we experienced in Zimbabwe," he said. – Sapa