Staff Reporter
Allegations have surfaced that some members of the opposition and certain Civil Society Organisations (CSOs) are reportedly being financially backed by external detractors to undermine the country’s impending structured currency.
The introduction of structured currency was announced by President Emmerson Mnangagwa during the first Cabinet meeting in February this year and is aimed at stabilising the nation's economy by curbing inflation and enhancing currency stability.
However, opposition factions and certain CSOs are reportedly being influenced by external detractors to undermine this initiative.
According to a source within the opposition and CSOs, there is a concerted effort to destabilise public trust in the forthcoming structured currency.
The source alleges that influential opposition activists, including Dr Pedzisai Ruhanya, Professor Gift Mugano, and politician Fadzayi Mahere, among many others, have been enlisted to spearhead a campaign against the new currency system using their social media platforms, among other means.
"There is a group of people who do not want to see a stable currency in Zimbabwe, as that will diminish their political leverage, which is primarily gained by attributing the economic challenges to the ZANU PF-led Government's failures," the source disclosed.
The source further elaborated, that orchestrated scepticism stems from a fear among some opposition elements that a stable currency could significantly bolster the Government's standing with the populace by mitigating the rampant inflation driven by currency depreciation.
However, economist Terrence Chipwanya offered a counter-narrative to the opposition's claims.
Contrary to the scepticism being propagated, Chipwanya argues that the structured currency will usher in a new era of economic stability.
"The introduction of a structured currency represents a pivotal shift towards enduring stability in the exchange rate, which is essential for capping the incessant rises in inflation, given that local currency prices are heavily influenced by exchange rate dynamics," Chipwanya explained.
Meanwhile, a structured currency system, by design, is meant to foster economic stability by managing inflationary pressures.
Drawing from investment banking principles, it combines various assets, possibly including multiple asset classes, into a single financial instrument that derives its value from the performance of its underlying assets.
Given Zimbabwe's rich gold reserves, the structured currency is anticipated to be pegged, at least in part, to gold prices, providing a tangible asset base to support its value.
