Zimbabwe industry wants the rand as the country’s reference currency
Harare — The Confederation of Zimbabwe Industries, which represents most large industries in the country, said the government should have the rand as its "reference currency" instead of the US dollar. The chamber said the country’s "multicurrency system" should be maintained, but that financial reporting should be done in rand, according to a press statement ahead of national budget negotiations this week. SA is Zimbabwe’s neighbour and biggest trading partner. "We suggest the minister of finance starts presenting his budget in rand instead of dollars," the CZI said in proposals it will present to the finance ministry. Zimbabwe abandoned its own currency in 2009 to end hyperinflation and uses mainly US dollars, though rands, euros, pounds and several other currencies are legal tender. A shortage of foreign exchange after a collapse in exports caused a liquidity crisis leading to late payment for government workers. Last week, President Robert Mugabe authorised the introduction of do...
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