Business

Mangudya reveals when Zim dollar will be reintroduced

Reserve bank governor John Mangudya has revealed that Zimbabwe should expect a return of the local currency in the next three to five years after the economy has stabilized.

Speaking during an interview with Bloomberg TV in New York, America, Mangudya said there was a need to make improvements to the economy first before the Zim dollar would return.

“For the local currency to return, we need to improve on business and consumer confidence, reduce fiscal imbalances that are putting pressure on the financial service sector on the rate of exchange and thirdly have access to foreign finance. When these things are done we can have a return of the Zimbabwean dollar” he said

Mangudya accompanied president Emmerson Mnangagwa to the UN General Assembly 73rd session where other world leaders convene to discuss on how best to create equitable and peaceful societies.

He reiterated that one can not entertain the talk of the Zim dollar until the fundamentals are addressed.

“We do believe that in the open for business narrative in the next three to five years we should be able to achieve in the currency reform business.” Mangudya added.

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