The Reserve Bank of Zimbabwe (RBZ) and captains of industry on Friday sharply differed on the currency in use in local trading. Government mid-last year outlawed use of multi currencies in the economy, marking a return of the Zimbabwean dollar as the official mono-currency. But even some formal businesses are demanding payment in foreign currency though receipting in local currency. The central bank, he said, was now focusing on “strengthening the demand for the Zimbabwean dollar,” which was slowly being pumped into the market. The lack of confidence in the local currency has resulted in the existence of multi-exchange rates in the economy distorting prices, argued economist Joseph Mverecha.

Source: The Local February 14, 2020 15:56 UTC