Zimbabwe announces raft of measures to stabilise local currency – weekly forex auction now limited to maximum of US$5 million


0

Zimbabwe has announced a raft of measures to stabilise its currency which has tumbled over the past few weeks resulting in prices of goods rising sharply and month-on-month inflation going up to 15.7%.

Food inflation rose by 25.9% .

The measures include ordering all government departments and parastatals to collect fees in local currency.

The weekly foreign currency auction is now limited to a maximum of US$5 million and with effect from 1 June, winning bids will be paid within 24 hours.

Below are the measures announced by Finance Minister Mthuli Ncube today:

Continued next page

(345 VIEWS)

Don't be shellfish... Please SHAREShare on google
Google
Share on twitter
Twitter
Share on facebook
Facebook
Share on linkedin
Linkedin
Share on email
Email
Share on print
Print

Like it? Share with your friends!

0
Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

One Comment

Your email address will not be published. Required fields are marked *