Top economist Prof Gift Mugano has sworn that the new currency introduced by Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu will be killed by the black market just like its predecessor the bond notes.

Responding to Mushayavanhu’s presentation at the post monetary policy statement briefing, Mugano said government had failed the ZiG by allowing fuel to be sold exclusively in United States dollars when the country has its own currency.

“Our esteemed Governor underestimate the power of the black market. The decision by GOZ’s to allow exclusive use of USD at the fuel stations is the biggest mistake 101. The black market can’t be killed by ZiG. Rather, ZiG will be killed by money changers. Mark this post!,” said Mugano.

Last week, RBZ introduced a new currency which they said was backed by gold reserves. Economists have issued conflicting analysis on the new money with some saying it will fail as the prevailing environment is not yet ripe for a new currency.

Pro-government economic analysts have however said they see the introduction of a gold backed currency as a masterstroke move that will finally provide economic relief the country has been yearning for, for years.