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Business, Careers & Technology<br />
ring it back or not<br />
Advertise in<br />
THE PARADE<br />
Now an<br />
Online<br />
Digital<br />
Publication<br />
<br />
stand. History of how money evolved<br />
to what it is now can help those who<br />
advocate for the Zim dollar to appreciate<br />
complexities involved in issuing currency.<br />
However, it is even more complicated<br />
to reintroduce a currency to the same<br />
generation, a generation that deserted an<br />
earlier currency-the Zim dollar.<br />
A few years before the disappearance<br />
<br />
institutions were already not accepting<br />
the Zimdollar because to them the<br />
currency had collapsed.<br />
It took a few more years before the rest<br />
of the country rejected the Zim dollar,<br />
favouring the US dollar and the South<br />
African rand instead.<br />
It is a fact the government only formally<br />
adopted the use of multiple currencies<br />
in February 2009, yet by mid 2008 the<br />
Zim dollar was no longer accepted as<br />
legal tender by a large majority of the<br />
population.<br />
Carefully analyzing the chain of events<br />
leading to the eventual dollarization of<br />
the economy will show that government<br />
did not elect to abandon the Zim dollar. It<br />
was the rejection of the Zim dollar by the<br />
masses that forced government to adopt<br />
multiple currencies.<br />
Therefore no amount of emotions or<br />
parroting will change the perceptions<br />
about the Zim dollar by those that suffered<br />
heavy losses at the hands of this currency.<br />
The Finance Minister Chinamasa is<br />
apparently well aware of this and he duly<br />
repudiated the remarks that had been<br />
attributed to him. In an article penned in<br />
one local weekly newspaper the Minister<br />
asserted that the present multiple<br />
currency regime was going to stay.<br />
Yet, there are still a few people who<br />
believe that simply printing currency will<br />
solve the economy’s liquidity problems. It<br />
is unfortunate the quick buck syndrome<br />
<br />
make money in an economy that was<br />
<br />
Unfortunately the era is gone,<br />
everyone will struggle to make money<br />
and that is not necessarily a bad thing.<br />
<br />
the economy move forward, which is the<br />
only prescription that will work for now.<br />
Even if the government eventually<br />
mends its relations with donor nations,<br />
every Zimbabwean will still have to<br />
understand that piecemeal approaches to<br />
complex problems will not work.<br />
Only through hard work and more<br />
hard work can this nation realise its true<br />
potential.TP<br />
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The Parade - Zimbabwe’s Most Read Lifestyle Magazine August 2014<br />
Page 77
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