US$1 = ZW$40: Mthuli Ncube sets up currency stabilisation task force as Zimbabwe dollar loses value

Finance minister Mthuli Ncube

GOVERNMENT has set up a broadly constituted taskforce to implement a package of policy measures meant to stabilise the exchange rate and reduce inflation.

Finance and Economic Development Minister professor Mthuli Ncube told journalists on Tuesday and bankers that the taskforce will be spearheaded by his ministry and the Reserve Bank of Zimbabwe and will include members of the Monetary Policy Committee and Presidential Advisory Council.

The policy measures to be implemented by the taskforce include foreign exchange management, introduction of managed exchange rate system as well as support measures relating to money supply, liquidity management and interest rates.

This comes against the backdrop of exchange rate volatility which has driven black market rates to as much as US$1 to $40 in the past few days leading to price hikes and inflation increase.

More to follow…

— Herald

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