Multi-currency system will leave many Zimbabweans stranded

The recent gazetting of the Statutory Instrument 118A of 2022, entrenching the multi-currency system will see many shops demanding cash payment for their goods, leaving many Zimbabweans stranded as they do not earn in the much sought after USD.
The announcement was made by Finance and Economic Development Minister Professor Mthuli Ncube to the misery of many locals who still earn the depreciating local currency.
In an interview, Bulawayo resident Monica Sebele said the move was welcome as it was long overdue but may worsen the plight of many Zimbabweans who currently cannot afford basics.
“Our economy dollarised a while ago just that our leaders were in denial but we already saw this coming. Now that things are official some shops now want USD payments and are refusing the local currency which many of us have access to. The same government should ensure that at least we start earning in USD even partially so that we are able to buy basics which are out of reach for many,” said Sebele.
The measures will run for the duration of National Development Strategy 1 (January 2021-December 2025). Among other measures, the regulations empower registered lenders, banks or any financial institution that lends foreign currency to receive repayment of the loan or credit in that foreign currency.
For Siphiwe Sibanda, the announcement did not change anything for the better as thousands of Zimbabweans continue suffering as prices for basic commodities are inflated.
“His announcement has not in any way improved our miserable lives, we are still suffering since inflation continues to soar. We always have a multi-currency in place and now that it’s official we need to start earning in USD like in the olden days maybe we will be able to buy food and pay rates like responsible citizens,” said Sibanda.
In a statement, the Citizens Coalition for Change spokesperson Fadzayi Mahere said although efforts are being made to rescue the economy, much should be done to restore confidence in Government monetary systems.
“The purported entrenchment of the multi-currency system and interbank market in law is not new. The legal framework for these old systems already exists. It will require more, including the building of confidence and addressing the macro-economic fundamentals, than changing the wording of legislation to address hyperinflation and stabilize prices,” she said.
“The main policy interventions announced by Ncube are a reiteration of policies that already exist and have failed to curb hyperinflation and stabilize prices. Unfortunately, the measures announced today have no capacity to transform the ailing fortunes of the Zimbabwean economy.”