Biti, who is the vice-chairman of the Movement for Democratic Change, said this morning: “The regime will this week introduce a new Zimbabwe currency not backed by any #reserves & without the context of structural reforms which a prerequisite of currency reform. That move is pure undiluted #insanity. An unbanked currency is just the #bond note by another name.
“There is no country in the world that has involuntarily dollarized that has ever succeeded in de -dollarizing. Zim will not be the 1st. Whilst a currency is about fundamentals, ultimately the most important fundamental is confidence There is absolutely no trust in this regime.”
Ncube said Biti was free to comment on anything and as a member of the opposition that was always welcome because “it keeps us on our toes”.
“However, we have policies, we will do it when we are ready. We have a game plan, we have a roadmap, we will do the needful when tie conditions are right. .. I cannot give an outline but I have always said and been consistent in doing so, that in 12 months’ time we should have our own currency in the monetary system and I still maintain that,” he said.
Biti, however, insisted that the government is introducing the new currency this week.
“The regime has been caught with pants down. It is a fact that a new currency has been printed & that negotiations are taking place now with major holders of cash It is fact that Cabinet has approved new currency despite paternity fight between John & Mutuvi. Now please deny this,” he said in response to the denial by the government.
The Reserve Bank of Zimbabwe also rubbished the claim saying: “The Reserve Bank of Zimbabwe would like to urge members of the public to dismiss, with utmost contempt, claims being circulated on social media regarding the introduction of a new Zimbabwe currency. The country shall continue to use the multi-currency system.
“Members of the public should not be misled by such counterproductive fake news.”