ZCTU condemns Structured Currency ; says citizens set to be led astray again

Staff Writer

THE Zimbabwe Congress of Trade Unions (ZCTU) has accused the government of attempting to lead citizens astray through the launch of the structured currency.

The Structured currency which is a form of monetary system designed to enhance stability and manage inflationary pressures. Unlike fiat currencies, which rely on government regulation and central bank policies, structured currency takes the form of both fiat and commodity-backed currencies.

It combines the flexibility of fiat money with the intrinsic value and stability of commodities such as gold or any other precious metals. Fiat money is a type of currency that is not backed by a precious metal, such as gold or silver.

The ZCTU said it was greatly disturbed by reports that the government is preparing to introduce the so-called ‘structured currency’ later this week without consulting other important stakeholders.

“We have been there before- from agro bonds, bearer cheque, bond notes, RTGS, Nostrol, ZWL, to Gold coins among other attempts to improve the economy and tame inflation to no avail. Once beaten, twice shy.

“As most Zimbabweans are aware, since independence in 1980, Zimbabwe has implemented no less than 30 economic blueprints and these blue prints have dismally failed to extract ourselves from the problems the country is facing.

” In the process, Zimbabweans and workers have lost everything they have worked for their entire life – from pensions, insurances policies and savings,” said Moyo.

He said once again, labour feels like the impending “structured currency” is one of the numerous ways in which Zimbabweans are being led down the garden path by the promises that yield nothing but disillusionment.

Moyo said what is more worrying to labour is this lack of consultation on serious policy issues arguing there is nothing to lose but everything to gain in national ownership of programmes.

He underscored that the Government is exhorted to lead and coordinate policy formulation, with effective stakeholder participation to engender national ownership highlighting that in the absence of such national ownership, the chances of programme success are severely limited.

“What is unfolding in Zimbabwe is most worrying were the government has a silo mentality. How do we expect to succeed when programmes are being rolled out without stakeholder participation?

“How can government approve such a fundamental policy on currency without stakeholder participation and ownership? What is then is the purpose of such high sounding platforms like the Tripartite Negotiating Forum (TNF)?”

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