Mthuli Ncube Admits To Devaluation Of RTGS Dollar

The Minister of Finance and Economic Development, Mthuli Ncube said that the interbank market rate will soon catch up with the black market rate, and make the latter irrelevant.

While responding to a question by Mashonaland Central Senator Angeline Tongogara, who has inquired on what the government is doing to blot out the alternative market, Ncube said:

What we have done so far is to complete the monetary policy reforms announced on February 22 and the introduction of the market-based exchange rate and designation of the RTGS dollar as local currency.

In the last few days, the exchange rate has gone up to 1:3 to the US$ and we have made sure that there is a market-based exchange rate whose behaviour approaches the black market, hoping that with time the black market will be eliminated.

I am sure as we trade in tobacco that the black market will diminish. We want to see a Zimbabwe which does not have a black market.


More: Newsday

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