Tuesday, 15 November 2016

Rand Is A Dangerous Currency - Says John Mangudya

Adopting the South African rand would be a dangerous move as it would worsen the economic chaos, Reserve Bank of Zimbabwe (RBZ) governor John Mangudya has declared.

According to Mangudya conditions of adopting the rand are not conducive. The rand is freely used in most parts of Matabeleland Sou and Bulawayo.

"The rand issue is very simple. We could have joined the Rand Monetary Union or the Sacu (Southern Africa Common Union) in 2009 but there are certain criteria to doing that, which is why we are using a multi-currency system and not a single currency.
Rand Is A Dangerous Currency - Says John Mangudya
"What you are asking for is very dangerous because we might go into a worse situation. You cannot have a rand zone without your own currency, and our time is not now" he told state controlled Chronicle.

"South Africa cannot supply the whole region with a currency. This is why we are introducing the bond notes which are a restraint measure meant to incentivise exports" Source: Byo24News
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