THE recent devaluation of the Zim dollar by Reserve Bank governor Gideon Gono put paid to the belief that there exists a foreign currency auction in Zimbabwe.
is evident that the auction does not exist and we in the diaspora have to rely on “Christmas gifts” from the governor in order to remit our hard-earned currency.
In protest against these unrealistic exchange rates I, like many others, have chosen to keep my hard currency in a UK bank until such a time (and I am confident such a time will come) that sanity prevails in the black market.
It is evident that Gono came up with his half-baked Homelink scheme without carrying out sufficient research. Patriotism alone cannot take him too far. When it comes to money and bread and butter issues, we all think with our minds, patriotism is out. Gono should take this to mind when he devalues the dollar.
With inflation at its current level in Zimbabwe, the current exchange rates are not realistic or viable for either Zimbabweans in the diaspora or Zimbabwean export companies.
The real incentive for Zimbabwean businesses is a competitive product which can only be achieved by a lower Zimbabwean dollar. Mugabe is now looking East, let’s learn from China how it manages its yuan but you will not in the meantime see a penny of my money until you put your house in order.
Penny & Pound Wise,