Real Estate expert calls for extended US$ usage in Zim

Business Reporter

REAL Estate expert, Doctor Louis Michael has implored authorities in Zimbabwe to urgently extend the policy position on the usage of the US$ beyond 2025 as a strategy to guarantee long term investments.

Under Statutory Instrument (SI) 118A of 2022 the Southern Africa nation guaranteed the official usage of the US$ up to the year 2025.

Speculation has remained rife to the effect that the US$ usage may be discontinued even before the expiration of the policy directive.

Speaking to The Humanitarian Post Wednesday, WestProp Holdings Limited, Doctor Michael Louis urged authorities to urgently review the policy initiative on the usage of the US$.

“The big elephant in the room is regarding the currency because at the moment the US$ is legally there up to 2025 meaning we just have two years left. So when we do bid developments we can only do it through guarantees of foreign currency inflows.

“So if we do not have a guarantee on the US$ stability, it’s difficult to convince investors to inject capital,” he said.

He also expressed optimism on the government’s commitment to stabilize the local currency and the economy going forward.

I am very confident that they will do that because they are aware of the importance of currency stability to the future of the country. I don’t believe that they will put the country at risk,” added Louis.

Turning to the just ended elections then Property Expert said business flow in the sector remains intact with no indication for any shake up whatsoever.

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