President Robert Mugabe blocks rand adoption
FORMER Finance minister Tendai Biti has disclosed that President Robert Mugabe in 2010 blocked the use of the South African rand as the official currency, possibly for fear of being politically subservient to his South African counterpart, Jacob Zuma. Addressing a financial markets conference in Harare yesterday, Biti said Mugabe rejected proposals to adopt the […]
Reserve Bank of Zimbabwe warms up to South African rand adoption
Zimbabwe’s central bank is warming up to adoption of the South African Rand as a dominating currency following various calls from business in favour of the exchange. In an apparent U-turn from his previous stance, Reserve Bank of Zimbabwe (RBZ) deputy governor Kupukile Mlambo, on Thursday said rand domination would benefit the country, presently battling […]
It’s Time For Zimbabwe To Start Using South Africa’s Rands As it’s Official Currency
Zimbabwean banks have called for the adoption of the South African rand as the main currency of exchange arguing that use of the United States dollar was no longer sustainable. Zimbabwe dumped its hyperinflation-ravaged local currency in 2009, adopting a basket of foreign currencies, mainly the US dollar, South African Rand, Botswana Pula and Euro. […]
South African Rand Banned In Zimbabwe
The South African rand is being elbowed out of the market on the backdrop of its depreciation against the United States dollar. The rand is part of the multicurrency regime embraced by government in 2009 to stem hyperinflation. Other currencies in the basket include the Botswana pula, British pound and United States dollar. Until the […]
