Accessibility links

RBZ Says Zimbabwe Economy Facing Serious Challenges

  • Jonga Kandemiiri

Reserve Bank of Zimbabwe

Reserve Bank of Zimbabwe

The acting Reserve Bank of Zimbabwe governor Charity Dhliwayo has admitted that the Zimbabwe economy is facing increasing challenges.

Presenting the RBZ monetary policy on Wednesday, Dhliwayo said despite these challenges the government has no plans to reintroduce the Zimbabwe dollar.

She said Zimbabwe has instead added the Australian dollar, the Chinese Yuan, Indian Rupee and the Japanese Yen to the list of foreign currencies already being used in the country.

Dhliwayo said it is important for the country to add more electronic payments in addition to bank cards because of the liquidity crunch.

She also urged government to support and promote small to medium enterprises.

Dhliwayo further noted that Zimbabwe needs a commercial court to deal with commercial and banking-related cases that she said are currently taking too long to be settled through the usual court system.

Political analyst and policy and research director in the MDC-T party, Charles Mangongera, said the monetary policy is unlikely to turn around the economy as the Zanu PF government has failed to instill confidence in the market.