From New Zimbabwe.
Zimbabwe Prime Minister Morgan Tsvangirai’s Movement for Democratic Change party says it will maintain the U.S. dollar as the anchor currency during his first five years in power if it forms the country’s next government.
Elections are expected to be held later this year which will end Tsvangirai’s coalition government formed four years ago with Zimbabwe President Robert Mugabe.
The Zimbabwe dollar was abandoned in 2009 after being rendered virtually worthless by hyperinflation which peaked at 79,600,000 percent per month in 2008, according to a report in New Zimbabwe. The country has used foreign currencies since, mainly the U.S. dollar but also the Botswana pula and the South African rand.
The Movement for Democratic Change said it would maintain land reforms if elected, but vowed to “democratize” the process by slashing farm sizes owned as well as ending multiple farm ownership, according to New Zimbabwe.
“There must be one farm per one household,” MDC Finance Minister Tendai Biti said during a party policy conference in Harare. Biti also promised the government would build four million houses during its first five years in office and address water supply problems.
Read more at New Zimbabwe.