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Zanu PF's call for re-introduction of Zim dollar retrogressive
Movement for Democratic Change (MDC)
December 15, 2011

Zanu PF's call for the re-introduction of the Zimbabwe dollar is economically retrogressive to the gains that this economy has realised since the introduction of the multi-currency in 2009.

As a party, the MDC dismisses the ill advised resolution that was made by Zanu PF delegates at their conference in Bulawayo and supported by the discredited Gideon Gono calling for the re-introduction of the Zimbabwe dollar.

Although Zanu PF can be forgiven for coming up with such a retrogressive resolution, the MDC is concerned when the Reserve Bank of Zimbabwe governor, Gono supports such frightening propositions yet the people of Zimbabwe think he is supposed to give sound advice to the government on monetary issues that help the people of Zimbabwe.

We all have seen what happened during the times leading to the demise of the Zimbabwe dollar. What happened to inflation? What happened to basic commodities in the shops? What happened to all sectors of the economy including health, education?

Zimbabweans are still smarting from the loss of their hard earned cash from the banks at the instructions of Gono and his Zanu PF cronies.

Because of Gono's policies, thousands of people died, some failed to seek urgent medical treatment, students dropped out of school while businesses closed down as Gono and Zanu PF looted from the people's savings.

Using his stranglehold on the Zimbabwe dollar, Gono used his powers to fuel corruption, money laundering, hyperinflation was thing of the day while at the same time he propped up the then Zanu PF regime by engaging in criminal quasi-fiscal policies.

The collapse of the Zimbabwe dollar gained momentum in 2008 as Gono financed the fuelling of vote rigging by Zanu PF, the deterioration in the macro-economic fundamentals, an out of control budget deficit and reckless spending by the RBZ and corrupt Zanu PF officials.

This destroyed savings and reduced the real value of incomes so drastically that the people's pensions became worthless and the majority of the people were left in dire straits. No progressive minded Zimbabwean including those in Zanu PF would like to relive that experience again.

The MDC believes that Zimbabwe should have her own national currency that has real value for the people, but we maintain that the time is not yet conducive due to years of abuse of the country's currency by Gono and Zanu PF.

It is well-known that Zanu PF has a history of poor implementation of key policies and no one in that sunset party ever took ownership of the failure when it was running the country before the formation of the inclusive government. This lack of foresight led to the collapse of the formal economy.

The MDC's position is that Zimbabwe needs to first build a strong national economy; build enough reserves that will support our currency, pursue economic and social justice; adopt and implement policies that will address economic disparities with the objective of reducing poverty levels in all sectors of society.

The Zimbabwe dollar should only be brought into circulation once the national economy has stabilised, which will ensure that all Zimbabweans have access to jobs, food, clean water, health, education and security of their persons.

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