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Mnangagwa stands by decision on Zim dollar

The move, announced on Monday, has sparked fears of a return of hyper-inflation and shortages last seen a decade ago.

Zimbabwean President Emmerson Mnangagwa. Picture: AFP.

HARARE - Zimbabwe’s President Emmerson Mnangagwa says he believes his government has done the right thing by reintroducing the Zimbabwe dollar as the country’s sole currency.

The move, announced on Monday, has sparked fears of a return of hyper-inflation and shortages last seen a decade ago.

These were Mnangagwa’s first public comments on the return of the Zimbabwe dollar. He told reporters in Victoria Falls that the country had returned to normalcy.

He says Zimbabwe’s economy is beginning to function and a functional economy should have its own currency.

Yesterday’s announcement that the US dollar can no longer be used for local transactions has been met with dismay by many.

The main opposition MDC party accused the government of ambushing Zimbabweans. It called the move a “rushed decision,” saying the local dollar isn’t backed by adequate gold and foreign currency reserves.

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