Zimbabweans in the country and those in diaspora have expressed mixed feelings after the government announced its plans to introduce the “structured” currency.

According to the minister of finance Mthuli Ncube, the structured currency means that the ZW$ will be linked to a hard asset like gold. However, there are a lot of gaps as many Zimbabweans are failing to grasp the concept of the said structured currency. 

Here are some of the responses from social media

We need systemic hygiene, a currency that is attractive with a store of value, and an international reach. We need to peg prices of whatever we sell in Zimbabwe in our own currency. All foreign currencies are to be changed in Zimbabwe. Essentially, if this long awaited structured currency does not dedollarize, then ingori nhava izere mhepo. The future of Zimbabwe lies with a strong, stable, and structured Zimbabwe dollar. #CurrencyReformsLinda Tsungirirai Masarira

Well put Madame. Unfortunately you people in the opposition are letting the nation down by not speaking about the real issues affecting our economy which is an unethical business and financial sector. These are the sectors which will knock the local currency off the pedestalFarai

This why the afghanistan money is the fast growing currency everything is bought using their own currencyBongani R Dladla

I am not sure about the economics involving money and policies, but I think we have to boost production first before we think of relying on our own currency. How do we intend to buy from other countries with money we ourselves don’t value and trust – pombonokai

What is the current production capacity of products that Zimbabwe consume against imported products then what is the import and export ratio, is there value edition of our minerals, are we formalising the formal sector and at what pace, these are basic deeds to have our own $$$Spencer Ndemerah

This Mafia that you either willfully or unwittingly enable, are so much in love with the USD (and every about living in the West) that they won’t even use it themselves. This is another strategy to mop up whatever USD are in circulation and lock them away in their housesChirandu Ganyamatope🇿🇼🇿🇼

I have noted statements made recently that the current government intends introducing a new currency this week with some alarm. The solution to hyperinflation and a weakening currency does not lie in replacing it with a new currency.

The reason our present currency has performed so badly is because people DO NOT TRUST the institution responsible for regulating it. The most important criterion in the running of any central bank is TRUST. Until TRUST is restored this new currency is doomed to fail as well.

TRUST is only created when those running the central bank are recognized professionals who have been appointed because of their integrity and demonstrable skills, not who they know. TRUST is only created when there is total transparency and the central bank is demonstrably being run for the benefit of all, not just a small ruling clique – David Coltart

The value of a currency, like any other asset, is determined by supply and demand. An increase in demand for a particular currency will increase the value of the currency, while an increase in supply will decrease the currency’s value. The exchange rate is the value of one country’s currency in relation to another.

As long as Zimbabweans allows the US dollar as a medium currency of exchange, we are going to have a perpetual failing of the local currency no matter what name you may give it. The Zimbabwe people’s affinity for the US dollar against their own currency will continue to undermine the value of the country’s currency. The demand for the US dollar will continue to increase and its value will continue to strengthen against the less demanded Zimbabwe dollar. Every strong economy in the world uses its own currency. If you have to trade in those countries you have to first convert your own currency to that of the host country. Allowing US dollar free trade in Zimbabwe is part of the problemMunya Shonhai

No rocket science as to why Zimbabweans take shelter in the USD$. You may love Zanupf but to create fictitional theories and blaming Zimbabweans for doing what is only natural reaction in the face of perpetual loss of value of their savings is hypocrisy of the highest orderBuhera King

If Zimbabwe’s new structured currency is going to be “backed by gold,” what impact, if any, will the billions lost to gold smuggling (estimated to be as high as US$4,5 billion a year) have on the stability and credibility of the new currency? We need new leaders.🇿🇼Fadzayi Mahere

Where is the gold storehouse, and how much gold do we have as a country, and how much is it’s equivalency in terms of RTGS/Ziggs/Agro ChequesTawanda Mupindu

The effectiveness of using gold reserves to back a currency relies on transparency, accountability, and the ability to safeguard those reserves against theft or smuggling. Failure to address these issues could undermine confidence in the new currency and hinder its success Emmanuel

Zimbabwe must have a currency that is backed by their rich agricultural system rather than gold or let them back their currency using Kenyan shilling its much stable. Let’s have a single region currency like the dinars that Gaddafi talked about for a better Africaderick nyaga

No structured currency but just a change of name, semantics only. If structured why not structure existing currency the same way. Whats the reason of printing new notes. Zimbos are sharp and on top of the game now from past experience, you can’t dupe them.Paul Sibanda

It’s all along lines of tinkering with value of currency and exchange rate. What really matters is whether people are producing things of value and selling them, among each other and exporting. Nothing about the structured currency is affecting this fundamental.Nyika Yemadzibaba

Why do we have to introduce a new currency without a full discussion as to why the previous currency failed, what is new about the renaming or relaunch? We need accountability.Tawanda Mupindu

If it is real money,i can take it to a breau dechange in Sierraleone and covert for an equivalent there. If that cannot happen,its phase2 of the bondage saga. We will continue trading in usd illegally.lardy

Zimbabweans should wake up, enough is enoughKongo


Please enter your comment!
Please enter your name here