PRESIDENT Mnangagwa yesterday said there is no going back on the reintroduction of the local currency as he warned those who hoard cash and deal in foreign currency that the law will soon catch up with them.
Officially opening the Zanu-PF 18th National People’s Conference at Goromonzi High School here, President Mnangagwa said no progressive nation can develop without its own currency.
“No progressive nation can develop without its own currency. The introduction of our own currency will undoubtedly enhance our economic stability, growth and competitiveness,” said President Mnangagwa.
He, however, said there were some who were opposed to the adoption of the local currency despite the fact that every country should have its own currency and Zimbabwe is no exception.
“Those who continue to deal in money markets, I say to you all, the long arm of the law will soon catch up with you. We will not revert to the basket of currencies,” said President Mnangagwa.
He said measures had been put in place to ensure adequate cash supply.
“The law enforcement agents will move in to deal with those who are hoarding cash and causing artificial shortage of cash. The illegal trading in foreign currency must be stopped in line with our laws. It is incumbent upon all citizens of our great country and party members in particular, to protect and defend our currency as a symbol of national sovereignty and pride,” he said.
