Zimbabwe to Launch Measures to Protect Currency – President

Zimbabwe to Launch Measures to Protect Currency – President

President Emmerson Mnangagwa of Zimbabwe has stated that the government would take steps to slow the fast depreciation of the local currency.

Mnangagwa wrote in the state-run Sunday Mail’s editorial section that the move will involve “steps to enhance trust in the local unit.”

“To avoid disruptions, de-dollarisation will be carefully controlled,” the president added. “This government is committed to maintaining the existing surplus by maintaining a rigorous fiscal policy.”

The southern African country’s currency is officially valued at Z$159.34 to the US dollar, but it may trade for as much as Z$400 on the streets of the city.

Mnangagwa said he met with a team of specialists to analyse and examine the situation “in the aftermath of last week’s currency rate turbulences and increasing movement in pricing.”

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“Economies that generate considerably less in terms of exports than we do; import more than we do; have a greater gross domestic product, necessitating more imports; and have larger populations enjoy a more stable currency than we do,” he added.

Zimbabwe’s economy was dollarised between 2009 and 2019, as hyperinflation forced the government to create trillion-Zimbabwe-dollar notes before abandoning the currency, making the country’s name synonymous with economic failure.

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