Zimdollar will be back - Gono

Zimdollar will be back - Gono
Published: 20 January 2012 (1361 Views)
RBZ governor Gideon Gono reiterates that Zimbabwe will reintroduce the local currency to circulate along with other foreign units.

He says "no economy can survive without its own currency. When I talk of reintroduction of local currency, it doesn't have to be the Zimbabwean Dollar, but whatever we decide, we need it so that we are not prone to  factors in economies we have no control over.

Gono also gave assurances that the domestic financial sector is safe and sound despite facing numerous financial and economic challenges.

Gono made the remarks at the Confederation of Zimbabwe Industries economic seminar in Harare yesterday, pointing out that severe liquidity challenges were fertile ground for financial sector instability.

The central bank governor assured the nation that the sector was safe and sound with 96% in deposits, assets and market share reportedly in the hands of the strongest banks with troubled banks holding the balance.

As of December 31, 2011 the strongest banks held 96% of the market share. They had 97.3% share of assets and 96.1% share of loans while troubled banks held 4.1% share of assets, 2.6% market of deposits and 3.84% loans.

"It is about values and not about the numbers," said Gono.


- Byo24News

Tags: Gono, Zimdollar,
 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Lupane hospital turns to crowd-funding

by Staff reporter | 22 September 2018 | 63 Views

Cheating exposes affair with minor

by Staff reporter | 22 September 2018 | 103 Views

Married women are jealous of Bev

by Staff reporter | 22 September 2018 | 94 Views

One more arrested over Aug 1 violence

by Staff reporter | 22 September 2018 | 83 Views

Mnangagwa and Chamisa MPs fume over deferred vehicles

by Staff reporter | 22 September 2018 | 101 Views

Mugabe's party has not disbanded

by Staff reporter | 22 September 2018 | 57 Views

Kombi accident death toll rises to 6

by Staff reporter | 22 September 2018 | 58 Views

Mthuli Ncube hints on currency reforms

by Staff reporter | 22 September 2018 | 74 Views

Church slams Zimbabwe gay teacher

by Staff reporter | 22 September 2018 | 57 Views

Dembare reach second round as FC Platinum, Ngezi bow out

by Staff reporter | 22 September 2018 | 71 Views

Man loses 'Toyota Raum' to robbers

by Simbarashe Sithole | 21 September 2018 | 246 Views

International media stampede to interview Mnangagwa

by Staff Reporter | 21 September 2018 | 326 Views

Brutalising vendors must stop

by Jacob Mafume, MDC National Spokesperson | 21 September 2018 | 232 Views

I doubt if Dabengwa really endorsed Mnangagwa - Mthwakazi activist

by Stephen Jakes | 21 September 2018 | 214 Views

Marc Cayeux gives everyone hope after top ten finish in Cape Town

by Agencies | 21 September 2018 | 135 Views

President Mnangagwa debuts at UNGA

by Bevan Musoko | 21 September 2018 | 196 Views

BREAKING: Harare - Johannesburg Intercape bus in accident, 10 people dead

by Staff reporter | 21 September 2018 | 361 Views

Stop unnecessary traveling to cholera affected areas - MIHR

by Stephen Jakes | 21 September 2018 | 148 Views

We need Mthwakazi restoration soon

by Stephen Jakes | 21 September 2018 | 141 Views

Rural development agenda should be on the priority list

by Stephen Jakes | 21 September 2018 | 136 Views

IMF offers to help Zimbabwe clear arrears

by Staff reporter | 21 September 2018 | 264 Views

Mugabe's party rejoins Mnangagwa's Zanu-PF

by Staff reporter | 21 September 2018 | 263 Views

Streak seeks ZC liquidation

by Staff reporter | 21 September 2018 | 176 Views

'Chamisa must not waste time fighting Mnangagwa'

by Staff reporter | 21 September 2018 | 285 Views

Chipanga appeal thrown out

by Staff reporter | 21 September 2018 | 199 Views

New minister cracks the whip

by Staff reporter | 21 September 2018 | 202 Views

Deal decisively with Parly delinquents

by Zvamaida Murwira | 21 September 2018 | 175 Views

Mthuli Ncube faces tough choices

by Lovemore Chikova | 21 September 2018 | 199 Views

Currency reform answer to Zimbabwe's economic woes

by Bongani Ngwenya | 21 September 2018 | 182 Views

Dabengwa ditches Chamisa, endorses Mnangagwa?

by Staff reporter | 21 September 2018 | 180 Views

Sibusiso Moyo alive & well

by Staff reporter | 21 September 2018 | 169 Views

'Mugabe University not a priority'

by Staff reporter | 21 September 2018 | 155 Views

Chamisa battles open rebellion

by Staff reporter | 21 September 2018 | 182 Views

Prophet up for pregnant woman rape

by Staff reporter | 21 September 2018 | 108 Views

Bulawayo pins hopes on devolution

by Staff reporter | 21 September 2018 | 104 Views

Nust shut down

by Staff reporter | 21 September 2018 | 166 Views

Zimbabweans want US or Zim dollar only, not SA Rand

by Staff reporter | 21 September 2018 | 159 Views

Chamisa's MDC Alliance starts merging into single party

by Staff reporter | 21 September 2018 | 108 Views