Zim to abolish multi-currency: ED

PRESIDENT EMMERSON Mnangagwa has revealed that government had resolved to abolish the multi-currency system and ensure that all transactions are conducted using a local currency to be introduced into the market before year-end.

Addressing Southlea Park residents in Harare after a clean-up exercise yesterday, Mnangagwa said the multi-currency regime had been adopted to deal with the hyper-inflation experienced between 2008 and 2009, but there was no longer any basis to retain it.

Mnangagwa said the multi-currency regime had served its purpose and would soon be put to bed, an announcement likely to trigger panic in the already jittery financial market, where the RTGS$ is fast long value against the US$ each day.

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