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Govt to force businesses to use Zim-dollar

HORIZONTAL

Zimstar News

President Emmerson Mnangagwa says his government will soon force businesses to trade in the Zimbabwe dollar as he went on to single out food giant Innscor for allegedly leading the abandonment of the country’s much resented currency.

He was addressing thousands of Zanu PF supporters in Muzvezve constituency Thursday.

Mnangagwa blamed current price increases experienced in the country on what he said was a sustained Western attack on the local currency.

He banked on the current Russia-Ukrainian war to finally jettison global reliance on the US dollar by the international community.

HORIZONTAL

“On the issue of price increases, we used to have our own dollar. When we were sanctioned, our country’s currency was attacked by Western countries who have powers in terms of controlling money.

“The money lost it’s value and we adopted the US dollar which we have since left behind. Now they (the Western world) have met their match in (Russian President Vladimir) Putin who is demanding payments for gas and oil in (the Russian currency) roubles instead of the US dollar that has governed global trade for the past 60 years,” he said.

“Russia is a big country whose economy affects the world economy, there is now a new world order that includes Russia and China.”

Zimbabwe, President Mnangagwa said, will soon make it mandatory for businesses to trade in local currency as opposed to the US dollar.

HORIZONTAL

“We are saying to our industrialists such as Innscor, that any investor who comes into the country should buy whatever he wants in Zimbabwe dollars,” he said.

Innscor, which runs food outlets such as Chicken Inn and Bakers Inn was among the first local businesses to charge their products in US dollars after the local currency went on a free-fall past couple of years.

Added Mnangagwa, “We are putting measures to make sure that we deal once and for all with companies that are manipulating the local currency.

“We also have locals who are indiscriminately raising prices, punishing the people but we are going to put measures that will ensure that our currency will be sought after and that the US dollar doesn’t dominate.”

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