Zimbabwe says Cross does not speak for the government or RBZ


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Zimbabwe government spokesman Nick Mangwana today dismissed a statement by economist Eddie Cross that the country will be introducing a new currency next month saying that Cross does not speak for the government or for the Reserve Bank of Zimbabwe.

Cross, who is a member of the recently introduced monetary policy committee, told the state-owned Zimbabwe Broadcasting Corporation yesterday that Zimbabwe would be introducing a new currency next month to ease the cash shortage.

Zimbabwe reintroduced the Zimbabwe dollar in June but continues to use the bond note and the RTGS dollar but only has $500 million in circulation when it needs between $1.5 billion and $2.25 billion.

Mangwana, the permanent secretary for information, said his ministry had received a lot of media inquiries about currency reform following the announcement by Cross.

“Mr E. Cross pronounced that Zimbabwe will be introducing a new currency in November 2019. We would like to make it clear that Mr E. Cross does not speak for the Government of Zimbabwe. Neither does he speak for the Reserve Bank of Zimbabwe (RBZ),” Mangwana said.

“His views are personal and not indicative of Government’s policy thrust. The Reserve Bank will regularly inject money into the economy in a measured and responsible way. Government will continue to give the nation updates on currency reform as and when necessary.”

(60 VIEWS)

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The Insider

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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