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Biti calls for US dollar return

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MDC Vice President and former Finance Minister Tendai Biti has said that the simple solution to the Zimbabwean currency crisis was bringing back the United States dollar.

Speaking during the launch of the MDC’s Road to Economic Recovery, Legitimacy, Openness And Democracy (#RELOAD) at Harare Gardens on Thursday in the morning, Biti said an MDC government would immediately bring back the US dollar because that is the currency the people have confidence in.

“We have to deal with the messy monetary policy. The USD was never imposed by any government in this country. The US dollar was imposed by a public… a citizen that recognised that its own currency, the Zimbabwean dollar, then known as the bearer cheque, had become an instrument of arbitrate.

“So it’s the people of Zimbabwe who declared a vote of no confidence in their own currency.

“So far as I know, once a currency is caught in flagrento, it is not possible to reintroduce the same. That is why in the history of finance and economics there is no country that has involuntarily de-dollarise that has been able to re-dollarise, it’s not possible.

“So as a simple solution in the short term, the MDC proposes the redollarisation of the Zimbabwean economy.

“We have to bring back the US dollar. As a simple solution to the crisis.”


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