By Davison Vandira
Economic analysts have commended government’s position on maintaining the use of the Zimbabwe dollar, describing the policy stance as critical to sustaining domestic productivity which has been increasing over the last two years.
The Zimbabwean economy over the past three years has been undergoing fiscal and monetary reforms, which are a critical component in reinforcing sustainable economic recovery and resilience towards the envisaged Vision 2030.
For development economist, Dr Prosper Chitambara, monetary policy autonomy through the use of domestic currency is the gateway to sustain and increase the economys productivity levels which has got a bearing to employment and revenue generation capacity.
“There have been calls to put aside the use of local currency in favour of foreign currency. From an economic standpoint as well as the Zimbabwean perspective, this is not a sustainable policy stance, taking into consideration the economic targets that have been put in place,” he said.
According to Buy Zimbabwe, the countrys productivity and industrial value chains have immensely benefited from the use of the local currency, hence the need to perpetuate the position through supporting the Zimbabwe dollar for enhanced economic recovery.
Mr Alois Burutsa, Buy Zimbabwe general manager said, “During the dollarised era, Zimbabwe suffered heavily from its inability to devalue currency as was the case with its regional trading peers South Africa and Zambia, which proved fatal as the country exported jobs and revenue through massive importation of relatively cheap goods and services from around the world.”
As the economy continues to recover from two decades of stagnation, the freedom and liberty to influence its economic destiny is second to none hence proponents of local production remain confident the continued use of the Zimbabwe dollar guarantees economic success.