Zimbabwe’s Mnangagwa says currency reforms needed to restore normalcy to economy

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FILE PHOTO: Zimbabwe President Emmerson Mnangagwa speaks at a media conference at State House in Harare, Zimbabwe, August 3, 2018. REUTERS/Philimon Bulawayo/File Photo

HARARE (Reuters) – Zimbabwe President Emmerson Mnangagwa said on Tuesday that the decision to ban the use of foreign currencies and make the interim currency the sole legal tender was needed to restore normalcy to the struggling economy.

“While the multi-currency regime helped to stabilise the economy, it did not give us control of monetary policy and left us at the mercy of U.S. dollar pricing, which has been a root cause of inflation,” Mnangagwa said in a statement.

He added that the government and central bank were taking steps to ensure the latest currency reforms were successful.

Reporting by Nelson Banya; Writing by Alexander Winning; Editing by Kevin Liffey

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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