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RBZ: Return of Zimbabwe Dollar 'False and Malicious'

Harare - The Zimbabwean apex bank, the Reserve Bank of Zimbabwe (RBZ) has dismissed as 'false and malicious', social media reports ...

Harare - The Zimbabwean apex bank, the Reserve Bank of Zimbabwe (RBZ) has dismissed as 'false and malicious', social media reports that the Zimbabwean dollar will soon return on July 9 into circulation to replace the greenback. 

The RBZ governor Dr John Mangudya insisted that the country will continues to source foreign currency to support the multi-currency regime, which is expected to remain in force for the foreseeable future. 

Dr Mangudya singled out illegal foreign currency dealers to cause panic on the market and influence parallel market rates for foreign currency.

“The Reserve Bank of Zimbabwe dismisses the false article on the reintroduction of the local currency with the contempt it deserves,” said the apex bank boss.
No Return of Zimbabwean Dollar 

“Members of the public should ignore the social media article which has apparently been created and circulated by people who seem bent on manipulating parallel market rates for personal gain at the expense of the unsuspecting members of the public.

“The article is also circulated to cause unnecessary anxiety, panic, alarm and despondency within the national economy. 

“The country will continue using the multi-currency system in line with Government policy and the bank shall continue to procure cash in foreign currency to support the multi-currency system.”

Dr Mangudya has urged members of the public to use social media “appropriately and not for spreading false news”.

In India, the government announced on Tuesday this week that it has approached WhatsApp to take “immediate action” to ensure the social media platform was not abused by citizens that spread unfounded claims.

It is understood that a recent spate of deadly mob attacks in India that have left almost 20 people dead mainly rural areas, were sparked by reckless social media statements.

In the case of Zimbabwe, the recent false messages pertaining to the return of the Zimbabwe dollar ignited a social media storm, with pseudo-economists criticising Government on the basis of inaccurate information.

Vince Musewe, a respected economist has however diverted from the issue of relegating the retunr of the local currenecy.

“I have never seen a bunch of people so scared of having own currency. We can manage it by ensuring we have necessary instituitional controls and appropriate architecture. That is what we should be debating rather than saying let's bring the Rand.” - Online Sources 

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