“You should report on all supermarkets that are not using the ZiG13,5 rate, but using a higher rate. We are not going to tolerate that. They are going to get their licences terminated,” Mushayavanhu told the radio station. He said the official exchange rate was crucial for maintaining ...
In his 2024 Monetary Policy Statement, Mushayavanhu said following the establishment of a refined interbank foreign exchange market, all outstanding auction allotments will be converted into the new Zimbabwe Gold (ZiG) currency at the current interbank exchange rate. He said this will allow the new...
Recently, the World Bank credited Zimbabwe’s monetary authorities for implementing sound exchange rate policies that have led to relative stability on the local currency. “The government’s efforts to stabilise prices through prudent fiscal policy and rules-based monetary and exchange rate policies ha...
“Foreign exchange shortages were alleviated to a large extent, by the introduction of the foreign exchange auction system where the official exchange rate between the US dollar and the Zimbabwe dollar has stabilised at about ZWL$81 to USD1. Despite this, the allocated foreign exchange is insuffic...
In July last year, gold coins were introduced as part of several policy measures to ease demand for the greenback, stabilise the Zimbabwe dollar exchange rate and tame resurgent inflation. But the gold coins have done little to save the local currency that is trading at $1 to $2 100 on ...
“But the only way to prevent the increase in base money (total money supply) with new cash in the market and the impact on the exchange rate is for the banks to acquire these notes using their RTGS dollar balances. “What we are doing is that we are swapping existing RTGS cash for ...