Zanu-PF’s Representative in the United Kingdom and Europe, and avowed supporter of President Emmerson Mnangagwa, Nick Mangwana has confirmed that Zanu-PF is working on introducing a local currency backed by gold. This follows similar pronouncements made by President Emmerson Mnangagwa and Deputy Minister of Finance and Economic Planning Terrence Mukupe in recent weeks. Writing on Twitter, Mangwana said
Devolution & the roadmap for the return of the Zim$ were 2 of the major policy pronunciations made by Zanu PF last week. This is being done in a meticulous and responsible way. With controlled expenditure & backed by gold we can have a stable currency.
At the Bulawayo rally where an explosion occured later, President Emmerson Mnangagwa also said that Zimbabwe needed to introduce its own currency which it could control in order to solve the cash shortages and to restore its dignity. Said Mnangagwa
The US dollar today takes about 90 percent of our transactional activity in the economy…We have no control over the US dollar, it is time that we must adopt our way of restoring the dignity of our country by creating our own currency.
Mukupe has previously said that the Zimbabwe dollar will be reintroduced before President Emmerson Mnangagwa completes his first five-year term. Said Mukupe before,
Zimbabwe will have its own currency after putting the necessary fundamentals to deal with our own currency first, which will be there before the end of President Mnangagwa first five-year term as we would have managed to create the right and sustainable import cover.
This article (Zimbabwe To Have Its Own Stable Currency Backed By Gold: Mangwana) was originally published on Pindula News and syndicated by The Event Chronicle.