Zimbabwe calls for measures to ensure appetite for use of local currency

Zimbabwe’s Monetary Policy Committee has called on the central bank to explore additional measures to ensure increased appetite for the use of the local currency for both transactions and store-of-value.

Zimbabweans are mostly using the United States dollar as a store-of-value.

In a statement yesterday following the committee’s meeting on 25 February, the committee said it had noted that the parallel market exchange rate had stabilised since the beginning of February. As such, the committee focused on ensuring that the exchange rate remained well anchored.

It also urged the central bank to clear the foreign exchange auction backlog by the end of this month and ensure that going forward, it only allotted funds equivalent to the foreign currency available each week.

Below is the full statement:

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