He said if they had been paid in local currency they were going to buy US dollars on the black market at any cost as the greenback is still considered a store of value and this would have pushed up the black market rate as well as prices.
The government said it set aside US$120 million for civil servants’ bonuses.
Asked if this was not going to put pressure on the private sector to pay their workers in US dollars and thus push the parallel market rate as employers bought US dollars on the black market, Mangudya said the private sector already had its own foreign currency.
(424 VIEWS)
This post was last modified on December 7, 2021 2:58 pm
The Zimbabwe Gold, ZiG, continued to firm against the United States dollar ending the week…
Zimbabwe will be issuing 7.5 kg of grain a month to each of the six…
The stability of Zimbabwe’s local currency, the Zimbabwe Gold (ZiG), is critical if the country…
More than half of Zimbabwe’s population will need food aid between this month and March…
Zimbabwe’s currency, the ZiG, kicked off the week on a positive note after firming to…
Twenty-five white Zimbabwean farmers who took their R2 billion land damages claim to the South…