Using the rand would help Zimbabwe out of economic crisis, MDC Alliance says
Zimbabwe's main opposition says a solution to its economic woes is to join the Rand Monetary Union, stop government borrowing and issuance of treasury bills, and tighten borders for revenue collection
Zimbabwe’s opposition, the MDC Alliance, has asked the government to consider immediately joining the rand monetary union as a way out of an economic implosion that has led to a massive hike in prices and shortages of basic products. Zimbabwe’s economy is on a precipice and some retailers have closed shop in response to the pricing crisis that has seen the cost of goods shooting up daily. At the heart of the economic crisis are currency distortions: Zimbabwe has mainly used the US dollar for the past nine years as its currency of reference but an acute shortage of foreign currency has led to the price of goods and services being pegged against rates in the parallel market, where the greenback is easily available in exchange for the bond note surrogate currency that is fast losing value. Panicked citizens have resorted to hoarding basic commodities as a cushion against rising prices and shortages. Presenting a motion in parliament on Tuesday, MDC Alliance legislator Tapiwa Mashakada ...
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