THE new bank notes and coins that are set to be introduced
on the market tomorrow are expected to ease cash shortages and save the
transacting public from being charged extortionate premiums by mobile money
operators when getting hard cash, President Mnangagwa has said.
Further, the President said there is no going back on the
ban of the multi-currency system.
He said no country can develop without its own currency.
The Head of State and Government and Commander-in-Chief of the Zimbabwe Defence
Forces made these remarks at his first anti-sanctions rally at Tshovani Stadium
here yesterday.
The rally follows the Sadc initiated anti-sanctions fight
that saw the region resolving to set aside 25 October as a day to send a
message to the United States that the embargo is no longer necessary.
Said President Mnangagwa at the highly subscribed rally:
“Right now people are being pained by the ever increasing prices in shops, it
is because we are in a transition. We are transitioning from the low levels and
we need to resuscitate our economy. We have no choice but to resuscitate our
economy. In that process, we have some people who want to take advantage to
profiteer.
“You were not getting money from the banks, but on Monday
(tomorrow) we are going to inject more money in the banks until we reach a
level where you lose appetite to go and get cash from EcoCash.
“You will simply go to the bank if you have money in your
account and withdraw it to buy what you want. Right now, we are told that if
you want $100 bond you should transfer $150 into an agent’s account.
“You are losing the other $50 for nothing. This is because
there are cash shortages in the banks. We are now injecting money in the banks
to correct that.”
President Mnangagwa said Zimbabwe adopted the
multi-currency system after its currency had been eroded by illegal sanctions.
He said although there were many currencies in the
multi-currency basket, the US dollar turned out to be the dominant currency in
most transactions. President Mnangagwa said while the US dollar stabilised the
economy, it was not Zimbabwe’s currency, hence the need to revert to the local currency
to ensure sustainable development.
Turning to road development, President Mnangagwa said
Government is refurbishing roads in all districts.
With regards to devolution, President Mnangagwa said: “We
are disbursing money to the rural areas and you will be chaired by your
Provincial Minister of State on which projects to undertake in each and every
district.
“In the past, decisions on which projects to undertake in
Masvingo would be made in Harare. We have changed that to ensure that the
people of every province decide on the projects they want done, we then give
you the money.
“There are national issues like roads and bridges, I am
told a bridge called Chilonga needs to be refurbished. I am going to tell the
Minister of Transport and Infrastructural Development (Engineer Joel Biggie
Matiza) to attend to that urgently. If he fails to do that, he will be in
trouble.”
The rally was attended by several Zanu-PF Politburo
members, Zanu-PF members and people from all walks of life. Sunday Mail
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