Home Business Mangudya Speaks On Re-Dollarisation.

Mangudya Speaks On Re-Dollarisation.

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By Rumbidzai Chiriseri.

The Reserve Bank of Zimbabwe (RBZ) Governor Dr.John Mangudya revealed that the country’s re-dollarisation journey will take up to five years.

Addressing stakeholders at the State of the economy report breakfast meeting hosted by Daily News and African Economic Development Strategies (AEDS) last week, he said the country is economically traumatised because of hyperinflation.

”Zimbabwe’s society is economically traumatised because of the historical experience of hyperinflation and losing the value of money. It conditions our minds to think in a certain form and way and that’s very important to understand.

”The re-dollarisation journey has just begun, we are not yet there. So, if l say to you that we have arrived l will be lying to you, we are on a journey on a de-dollarisation journey that takes up to five years.

”The question is, how do we further liberalise these free funds? how do we take these free funds into the formal economy?

”The government is not about the local currency but it’s about how best do we motivate and incentivize people using our own currency, not to say how can we throw away the government,” said the governor.

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