Mthuli Establishes Currency Stabilisation Task Force As Zimbabwe Dollar Plummets

Mthuli Ncube

Mthuli Establishes Currency Stabilisation Task Force

Mthuli Ncube

 

Minister Of Finance and Economic Development Professor Mthuli Ncube has announced that the government is establishing a “Currency Stabilisation Task Force” in a bid to tame the ongoing currency turmoil.

Ncube announced the development at a joint press conference which he held together with Reserve Bank of Zimbabwe (RBZ) governor John Panonetsa Mangudya. The Currency Stabilisation Task Force is part of the raft of new measures which the government is introducing to stabilise the local Zimbabwe Dollar and bring inflation under control. This follows a turbulent two weeks for the Zimbabwe Dollar, which saw the local currency depreciating sharply against all major currencies and falling to a startling 40 Zimbabwe Dollars for every United States Dollar.

In announcing the Currency Stabilisation Task Force, Ncube said,

In order to, stabilise the exchange rate and hence, to lower inflation, the Government has decided to implement a holistic package of key policy measures. In this regard, a Currency Stabilisation Task Force has been set up. This will be spearheaded by the Ministry of Finance and Economic Development and the Reserve Bank of Zimbabwe and will include members of the MPC and PAC.

The Task Force will be chaired by the Minister of Finance and will meet at least once a week to review the conditions in the markets, monitor the behaviour of key variables such as the exchange rate and inflation, and to ensure that the measures that I outline below are expeditiously implemented. The Task Force will put in place additional policy measures, where necessary.

..I would like to state that as the financial authorities of the country, it is our duty to undertake a strong communications drive to explain all the measures we are introducing, and their intended outcomes. Otherwise, misinformation from the social media begins to rule the day. I can assure you that it is the determination of this Government under the strong leadership of H.E. E.D. Mnangagwa, to work closely with all stakeholders to achieve exchange rate stability, reduce inflation, and by the end of this year put in place all the necessary building blocks to achieve high rates of growth, poverty reduction, and the other goals of Vision 2030.

 

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