Finance and Economic Development Minister Professor Mthuli Ncube has said the introduction of the multi-currency regime was Zimbabwe’s biggest mistake.
Zimbabwe enjoyed relative economic stability during the Government of National Unity following the introduction of a basket of currencies anchored on the United States dollar.
The new Finance minister whose sentiments soon after appointment destabilised the Zimbabwe economy says the scrapping of the Zimbabwe dollar which was responsible for runaway inflation that hit a record 600 million percent was a mistake.
“Our biggest mistake was making the United States dollar our main currency of reference. By taking away the Zimbabwe dollar we destroyed industrial capacity,” said Prof. Mthuli Ncube yesterday.
Zimbabwe is currently undergoing a bad economic patch with prices of basic commodities eroding workers income.
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Genius Kadungure aka Ginimbi was a popular Zimbabwean socialite and businessman.
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