“We can and should adopt a regional currency possibly the South African rand…” he said in Harare.
“But if we go back to the days of the Zimbabwe dollar then it will be over my dead body as I have always said in public even at major international meetings.”
Biti said the new currency could replace the United States dollar which is used as legal tender in Zimbabwe alongside the South African Rand, Botswana Pula and the British Pound Sterling.
“We can still have a multi-currency regime,” Biti told international investors gathered in Harare. “Since we have cash budgeting this should make it easy for ministries and government to follow. This currency will be recognised by the international community and help our investment drive.”
The Minister of Economic Promotion and Investment Promotion, Tapiwa Mashakada, said Zimbabwe was currently trying to shake off the “pariah-State image of the past”.
“We are a growing economy,” he told more than 500 international investors.”Our economy is beginning to stabilise since we began using the United States dollar and the South African Rand. We are on the right path as a country and you must support us in our endeavours to make Zimbabwe the number one investment destination in Africa.”
Mashakada admitted, however, that the economy had almost collapsed before the Government of National Unity (GNU) came into play in Zimbabwe.
“Zimbabwe was at crossroads then,” he said.”The economy had totally collapsed and there was unprecedented suffering of our people. The inflation figures were frightening too.”