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| Africa Subsaharan |
| Zim to discuss adopting rand, says minister |
| 2009-07-08 |
| [Mail and Globe] Zimbabwe will look into the possibility of adopting the rand as an alternative to the country's existing multiple currency regime, Zimbabwe Industry and Commerce Minister Welshman Ncube said on Tuesday. "We cannot re-enter the Zimbabwe dollar without the economy to support that, we need another solution. We cannot continue forever with multiple currencies," Ncube told an Africa forum. "If we can at least join rand monetary union, we will have money allocated to Zimbabwe through that system. No decision has been made, we will debate it and see what the best alternative is." Namibia, Swaziland and Lesotho all use the South African rand alongside their own currencies. President Robert Mugabe has said Zimbabwe may revive the use of its own currency because the US dollar was unavailable to a majority of people in the countryside, but Finance Minister Tendai Biti told Reuters on Monday that a return to the Zimbabwe dollar was a "very long way" off. Zimbabwe has allowed the use of multiple foreign currencies since January to stem hyperinflation that left the Zimbabwe dollar almost worthless in the midst of a severe economic crisis. Ncube said the finance minister's mid-term monetary review, due on July 14, would include a report on the implications of joining rand monetary union. |
| Posted by:Fred |
| #3 I got a ten Million Bill, (it's worthless) Framed and captioned. I tell everyone "I'm a Multi-Millionaire". |
| Posted by: Redneck Jim 2009-07-08 16:30 |
| #2 I had wondered what happened to the stories about hyperinflation & the Zimbabwean dollar. Completely vaporized, has it then? |
| Posted by: Mitch H. 2009-07-08 09:46 |
| #1 Might as well, they've essentially got the same gov't with Zuma anyway. Zim will drive the Rand into obscurity. It's over R8 to the USD now. Watch it happen. |
| Posted by: Besoeker 2009-07-08 07:56 |