The Reserve Bank Governor John Mangudya is in the process of presenting his Monetary Policy Statement. As part of his remarks, he has said that he believes that de-dollarisation is working without exactly giving any evidence to support this viewpoint.

We see the opposite

  • If de-dollarisation was working people would prefer or at least not mind being paid in Zimbabwean dollars which is not the case
  • A lot of individuals and businesses have a strong preference for the greenback
  • There remains an acute shortage of foreign currency in the country which means those who get paid in the local currency will have a hard time sourcing foreign currency when they need it
  • The interbank market is practically dead as most firms are not willing to dispose of their valuable foreign currency
  • The Zimbabwean dollar remains a surrogate currency in most sectors

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