Zimbabwean banks suspended United States dollar transfers on Thursday, with sources saying the government was about to introduce the discredited Zimdollar.
The move has sent panic into the market, with millions of dollars worth of transactions being frozen.
The panic was triggered by Zanu PF spokesman Rugare Gumbo’s claims that President Robert Mugabe’s party had won the election. MDC-T also seemed to concede, although there has been no official announcement.
“It seems apparent that everyone with foreign money wants to get it out before the government introduces the Zimdollar,” said a banking source.
There was no official word on the currency. However, Zanu PF has stated publicly that it will re-introduce the Zimdollar, which collapsed after the government sold off its gold reserves to raise spending cash before the coalition government was launched in 2009.
Reserve Bank governor Gideon Gono this week suspended his monetary policy announcement, sending jitters into the market. Gono claimed before elections that the Zimdollar would not return, although it is stated Zanu PF policy.
However, analysts suspect the government will seize foreign assets as one of the goals stated in the Zanu PF manifesto.
One analyst said it was difficult to see how the Mugabe government could approach foreign governments to request use of their currencies considering the strained relations with the West. Zanu PF has also fallen out with South Africa’s governing ANC over the party’s support for ousted youth league president Julius Malema.


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