‘RTGS dollar to gain value’

Prof Ncube acknowledged the problem of foreign currency shortage in the economy and the struggle that depositors went through in seeking to withdraw their cash from banks. Although Zimbabwe adopted the US dollar as its major currency under the multiplecurrency regime in 2009, Prof Ncube said the cash squeeze was inevitable as the country does not print US dollars, and does not have an agreement with the US government for the supply of the greenback.

“So money ran out. So — but imagine that now if you have domestic currency that you’re able to print, that you control, then we will not have this problem,” he said. The minister said President Mnangagwa’s “Zimbabwe is open for business” message was genuine and was being expressed in the ongoing reforms meant to create a favourable investment climate and an inclusive economic growth.

He said the recent MDCAlliance instigated violent protests that resulted in wanton destruction of property and looting of businesses were regrettable, and exposed institutional gaps created by the departure of the old regime as the intensity of protests overwhelmed the law enforcement agents. He, however, commended President Mnangagwa for coming out very strongly and clear in condemning violence from both sides.

“I think that is a very, very strong statement,” said Prof Ncube. “As I say, it is really about the ability to cope with such intense protests in a situation where some of the State institutions are not as strong because their power is eroded by a — this leader who was there for too long.”