Zim Now Writer
The Finance Ministry is working with the Reserve Bank to stabilise the local currency and arrest inflation, Deputy Minister of Finance, Economic Development and Investment Promotion Kudakwashe David Mnangagwa has said.
“The Ministry in conjunction with the monetary authority are plotting a concrete solution so that we can move past this undesirable phase,” said Mnangagwa in an interview with The Sunday News.
He seemed to indicate a policy shift from blame games to solutions the oriented approach.
“As Treasury, we are fully alive to the economic environment currently prevailing. We will not go into a debate as to what the causes are, whether it is speculative, fundamental-driven, mischief or a January rush phenomenon, but what is of concern is that it is happening and I can assure you we have our fingers on the pulse.
The black market rate has been rising steadily and breached the 10 000 mark in the past few weeks. The bank rate has also been escalating, shifting from ZWL$6 192.4022 on 2 January to ZWL$8 331.6206 on the dollar by 12 January.
Analysts say that the Zimbabwe dollar is expected to see a halt in its current free fall after the Reserve Bank of Zimbabwe auction system kicks into operation this week, post festive season as currency inflows start to improve.
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