Zimbabwe resorts to foreign currency

  1. Posted on Thursday 11 September 2008 - 11:42
    Mugadza
    Munyaradzi Mugadza, AfricaNews reporter in Harare, Zimbabwe
    Goods would soon be sold in foreign currencies as part the Zimbabwean government's plan to curb inflation which is now 20 million percent. Traders have been frequently visiting neighbouring countries such as South Africa and Botswana to buy groceries due to the rising cost of living in the country.
    zimbabwe-bill-of-ten-million-dollar
    “We have watched and observed with heavy hearts the suffering of fellow Zimbabweans as they wait at the borders as they bring in basic commodities since they are scarcely available on the local market” the Reserve Bank of Zimbabwe Governor, Dr Gideon Gono said.

    He said local producers would now export their products to licensed retailers and wholesalers who will be selling the goods in foreign currency. The Reserve Bank Governor said the programme would have a life span of 18 months to March 31, 2010, a time when the nation will be preparing for the world football showcase in South Africa.

    The move comes at a time when the country is facing chronic shortages of basic foodstuff and fuel. The government has also implemented quite a number of programmes to curb the rampant increase of prices.

    Last year the government invoked price cuts but the result was dangerous as it wiped out goods and services from the shelves prompting thousands to look beyond the borders for groceries.

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