“The issue of the currency board is being looked at,” Ashok Chakravarti, a member of the central bank’s monetary policy committee, said today at an economic conference in the resort city of Victoria Falls. “It’s been done by 40 countries before, but it also requires a substantial amount of reserve money. It is being considered.”
A currency board must among other requirements back all units of domestic currency in circulation with foreign currency. Zimbabwe will need about US$700 million to back the domestic money in circulation, Chakravarti said.
Reserve Bank of Zimbabwe Governor John Mangudya didn’t answer two calls to his mobile phone seeking comment.- Bloomberg
(96 VIEWS)
Payments in Zimbabwe’s latest currency, the Zimbabwe Gold, now account for 40% of transactions, up…
Zimbabwe should de-dollarise otherwise its new currency the Zimbabwe Gold will go the way other…
Zimbabwe has come up with a de-dollarisation roadmap which will soon be presented by Finance…
Former Citizens Coalition for Change leader Nelson Chamisa says it is not easy to lead…
The Zimbabwe Gold (ZiG) has brought some stability into the market enabling some smoothness for…
Zimbabwe Finance Minister Mthuli Ncube presented his mid-year budget review on Thursday which, among other…
