Zimbabwe’s finance Minister Tendai Biti says the existing multiple currency regime will stay in place until 2012 when it is likely to be replaced by a single currency for the Southern Africa Development Community (SADC).

Biti told a meeting of the Institute of Chartered Accountants of Zimbabwe in the resort town of Victoria Falls that it was likely the Zimbabwe dollar would not be brought back into circulation. “We have said the currency regime will only be looked after 2012.

“The debate is then what happens after 2012. It will depend more on regional integration as you know that respective states are working towards integration and the possibility of using a single currency,” he said. However the regional block says it hopes to achieve monetary union in 2016 and implement a single currency by 2018.

The country abandoned use of the virtually worthless Zimbabwe dollar in 2009 opting for more stable currencies such as the South African Rand, the Botswana Pula and the United States Dollar.

Woolworth Stores (pictured) one of the oldest retail shops plans to re-open its stores in Zimbabwe capital Harare. The clothing and food retailer wants to open up a store within 18 months to take advantage of a recovering economic and political environment in the country which has seen investors eyeing the once breadbasket of Africa.

“We are going to re-open. We think Zimbabwe is going to be fantastic economy in five years time,” said outgoing CEO Simon Susman. “We are negotiating leases with shopping centres … I want to go up and start trading within the next 18 months.”

The chain used to have a branch in Harare’s First Street Mall in the building now occupied by Kingdom Bank. Reports suggest the company among several to have taken up space at the recently completed Joina Centre, Harare’s largest commercial building.

A number of global chains, including McDonalds have indicated interest in moving into Zimbabwe, attracted by the country’s improving economic prospects.

As Zimbabwe recovers from the 10 years of economic and political problems it’s tourism sector has raked in over US$350 million in the first half of the year and is projected to surpass the target of three million tourist arrivals before year-end. Tourism and Hospitality Industry Permanent Secretary Dr Sylvester Maunganidze told The Herald yesterday that hotel bookings had vastly improved and surpassed Government projections.

He said most of Zimbabwe’s top hotels, particularly those in Victoria Falls, were fully booked by foreigners up to mid-September. Dr Maunganidze said indications were that the tourism sector would surpass the projected 12 percent contribution to the country’s Gross Domestic Product by 2012.

“Before the end of July, the tourism sector raked in US$360 million and we are expecting to double that by year-end. Despite the vilification of Zimbabwe by the Western media, tourists know that Zimbabwe is endowed with good tourist sites and have defied all odds of travel bans by some Western countries.

“We are on the rise and probably by December we will be sitting on the same level we were in 1998 — recording plus or minus three million tourist arrivals.

Ireland’s trip to Zimbabwe has been confirmed, and in addition to the Intercontinental Cup match against Zimbabwe XI, three one-day internationals between the senior national teams have been arranged. All of the games will take place in Harare, with the four-day fixture starting on Monday September 20. The ODIs follow on September 26, 27 and 30.

Zimbabwe withdrew from Test cricket in 2006 and were subsequently admitted to the Intercontinental Cup on the understanding that Zimbabwe XI’s four home games would be played at neutral venues. But along with the relative political stability in the country, Zimbabwe Cricket has worked hard to improve its structures after divisive squabbling between players and administrators had wrecked cricket in the country.

There had been some speculation as to whether Ireland would make the trip at all, and for a time there had been a possibility that the Intercontinental Cup fixture would take place in South Africa. But both Kenya and Afghanistan recently played their Intercontinental Cup matches in the country, and Zimbabwe also hosted Sri Lanka and India in a one-day tri-series in June this year, so the pressure on Ireland to make the trip was always going to be immense. Now that their tour has been confirmed, it is almost certain that Scotland – who are scheduled to play Zimbabwe XI in the middle of October – will also make the trip.

Zimbabwe XI are currently in third place behind Afghanistan and Scotland in the Intercontinental Cup having drawn against Afghanistan and beaten Kenya, Netherlands and Canada. Ireland are fifth on the points table after draws against Scotland and Kenya and a loss to Afghanistan at Dambulla.