To Reintroduce Zim-dollar, We Need 6 Months Import Cover- Finance Minister

Mthuli Ncube

Responding to questions on the issue during a dialogue at Chatham House in London on Monday, Minister of Finance and Economic Development, Professor Mthuli Ncube said if Zimbabwe wants to reintroduce the Zim-dollar it needs six months import cover.

Said Ncube:

If we want to introduce the ‘Zim-dollar’, you need six months import cover, the monetary policy has to be in place. So, you can see the dilemma.

Ncube also admitted the United States Dollar is not equal to the Bond Note or the Real Time Gross Settlement (RTGS) electronic dollars. This is in stark contrast to Reserve Bank of Zimbabwe (RBZ) governor John Mangudya who insisted that the money is at par despite the fact that he ordered banks to separate bank accounts into Nostro Foreign Currency Accounts (FCAs) and RTGS FCAs.