Former Finance minister and Movement for Democratic Change Vice President Tendai Biti said the US dollar is not sustainable for a small economy like Zimbabwe.
While addressing a SAPES Trust meeting on Thursday Biti said the US dollar is over priced and it makes Zimbabwe exports expensive.
“The US dollar is not sustainable for a number of reasons. It is overpriced so it makes our exports so expensive and it also makes the core structure of our economy so expensive,” he said.
Biti said the US dollar has revalued in the last two years which makes it so unbearable for the Zimbabwean economy.
“In the last two years alone the US dollar has revalued by 19%. It is uncompetative for a small economy like Zimbabwe.”
Biti’s comments come at a time when government through the Ministry of Finance declared that the Zimbabwe dollar is now the sole legal tender following the abolishment of the multi-currency system on Monday.
Biti has always been at loggerheads with Finance Minister professor Mthuli Ncube over Zimbabwe’s economic reform agenda.