AS someone in the diaspora who would wish to transfer foreign currency to friends in Zimbabwe, ideally through the banking system, I await with trepidation the way in which the government and cen
tral bank governor Gideon Gono are going to deal with it.
Only when the Zimbabwe dollar is floating at the same rate as that on the parallel market will the system settle down. There are millions of Zimbabweans out in the diaspora who would happily remit a regular sum of foreign currency to a chosen bank if they knew that the recipients would get a sensible and equitable rate of exchange – one no different from the parallel market rate.
If that were to happen and become the norm then Zimbabwe would no longer be short of foreign currency. Indeed, it would have plenty to go around!
However, the downside to this upbeat message is that it needs to be sorted out “now” and not two months from now. The rainy season is upon Zimbabwe and three-quarters of the maize crop that hasn’t been planted needs to be planted immediately or there is going to be a very upset – and starving – populace.
Sort out the exchange rate now or suffer dire consequences. By the way also rescind the nationalisation of land ownership, otherwise everything that is done to rectify the situation will fail and be an utter waste of time!