Zimbabwe is set to have a new currency next month, the state owned broadcaster has reported.

A member of the newly appointed monetary policy committee Eddie Cross has revealed that the new currency will be introduced next month (November) in a move set to curb cash shortages in the country, the report says.

The exiled former state spin doctor Prof Jonthan Moyo described the development saying, “It’s striking not only that this is the third time “a new currency” is introduced this year but also that the announcement has been made by Eddie Cross, a third force voice.”

Mr Cross, who defected from the MDC party, described last week’s events which saw the exchange rate shooting through the roof as unfortunate.

He commended President Mnangagwa for taking a bold decision to freeze accounts of companies suspected of fueling the instability of exchange rates, saying what is needed now is to act on such economic saboteurs.

He added that the new approach where-by command agriculture will be facilitated through banks is professional and will produce good results although there is need to expedite the process in view of the anticipated early rainfall.

Meanwhile, Mr Cross commended President Mnangagwa’s State of the Nation Address delivered on Tuesday, for tackling real issues affecting the ordinary person as well as economic growth.